Rose Conway-Walsh (Mayo, Sinn Fein) | Oireachtas source

I want to ask about monetary policy. We know there has been an aggressive tightening of monetary policy since July of last year, with the ECB increasing its key interest rate from 0% to 4.5%. I note that the opening statement referred to monetary policy working through multiple channels and the overall impact being seen with a considerable lag. Will Dr. Kelly outline to the committee what these multiple channels are and the estimated time lag associated with policy tightening in this area? Do higher interest rates disproportionately hurt low and middle income households and households with less disposable income? How much research does the Central Bank have on this to be able to tell what the impact of it is? I appreciate that we have limited time. There are only a few of us here and we have been here for quite a long time.