Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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I thank the Governor and the deputy governors for coming before the committee. I will start by asking some questions about the rate of inflation and the consequent interest rate rises. It has been the case that the ECB has been increasing interest rates for 18 to 20 months now. Is the Governor surprised that those increases have not had the ultimate desired effect of bringing inflation down to 2%, which is where the Central Bank wants to see it get to, as Ms Rowland stated in her opening statement?