00:00At least in the European Union, rising inflation is not wholly the sign of overheating,
00:07but largely the result of a series of supply shocks.
00:13Wages must recover their purchasing power,
00:18but without creating a price-wage spiral that would result in turn in even higher interest rates.
00:26We must reduce energy prices and offer financial support to families and businesses,
00:33especially those in greatest need.
00:37The European Council last week endorsed the possibility of imposing,
00:43of considering a price cap on Russian gas imports.
00:49This measure would constrain the increase in inflation rates,
00:53support disposable incomes, and reduce our financial flows to Moscow.
00:58Of course, discussions are still going on,
01:01and the road ahead may be long.
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