00:00I think the energy price shock that started with that conflict in the Middle East is not over, is still
00:06in the system.
00:07So I expect that the inflation rates will stay significantly above our target.
00:13I think monetary policy has to remain vigilant. I think we decided in June to hike interest rates.
00:21This was the right decision based on our projection forecast.
00:25There was a clear picture that inflation for this year will stay significantly above our target.
00:30It will remain on a higher level for 2027 and it will come back in 2028 to our target.
00:36So this rate hike was the right decision.
00:39Now we have to wait. The situation is still very opaque.
00:43Is it stable or not in the Middle East? We do not know.
00:46There is a peace talks. They have 50 days or more or less left.
00:50And then we will see how reliable this whole situation is.
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