Mr. Gabriel Makhlouf:

I will ask Mr. Madouros to come in on this as well. First, the reason inflation kicked off the way it did was initially because of supply but the bottlenecks arose primarily as a result of the pandemic. The big chunk of the bottlenecks arose because China had a zero-Covid policy and it is one of the places that both produces a lot of the goods we need but also acts as a big demand engine in the global economy. When it closed down, it created lots of bottlenecks. I use China as an example but essentially the pandemic caused bottlenecks in many global supply chains. The energy crisis was part of that, exacerbated by Mr. Putin's war. Those initial supply shocks became much more broadly based in the economy. We probably differ a little in our analysis of how these things started.

To be clear, the Central Bank is not saying, "Do not provide any support to people who need it" or "Do not to provide wage increases" or whatever. What the Central Bank is saying is that in an economy that is running at capacity, do not add fuel to the fire by spending too much or by spending on the wrong things because ultimately that will fuel inflation. That is what we are saying. We are definitely not saying, "Spend money here, do not spend money there". As Mr. Madouros said earlier, we are operating at a macro level. Maybe he would like to come in.