Mr. Vasileios Madouros:

There are different channels through which the restrictions affected demand supply dynamics across the euro area. The Deputy mentioned interest rates, but monetary policy is set at the level of the euro area as a whole. Initially, it was a very big shock to demand because of the restrictions. As the economy started to reopen, there was a positive recovery in demand as restrictions eased. Some of the more difficult questions are around the potential supply side effects of all the shocks we have seen over the past few years. Whether it is Covid or some of the energy issues we are seeing at the moment which might be more persistent, these are some of the issues very much on our radar and more difficult to assess.