 We raised our interest rates by half a percentage point. Come with me as I explain why we took that decision. Right now inflation is much higher than we at the ECB want and it will stay high for some time. The main reason for that is very high energy prices but supply bottlenecks, high demand and a lower exchange rate are also pushing up inflation. Indeed prices are going up in many parts of the economy. That's why President Christine Lagarde announced a further step to normalise our monetary policy by increasing interest rates. More rate hikes are likely in the coming months depending on how we see the economy and inflation developing.