Mr. Vasileios Madouros:

If we look at the past two or three years a series of shocks have hit the global economy. They have been driving the inflation dynamics we have observed both on the demand and supply sides in different sectors. On the supply side we have had the big energy shocks stemming from Russia's invasion of Ukraine. Previously with the pandemic we had issues in terms of contact intensive services and global supply chains. There have also been demand type shocks. One was for goods because there was a switch towards consumption of goods during the pandemic, and as the economy reopened there was an increasing demand for services, especially in Europe.