to raise interest rates by another 50 basis points at our next monetary policy meeting in march and we will then evaluate the subsequent path of our monetary policy. keeping interest rates at restrictive levels will over time reduce inflation by dampening demand and will also guard against the risk of a persistent upward shift in inflation expectations. moreover, from the beginning of march 2023, the app portfolio will decline at a measured and predictable pace, as the eurosystem will not reinvest all of the principal payments from maturing securities. our future policy rate decisions will continue to be data - dependent and determined meeting by meeting. we stand ready to adjust all of our instruments within our mandate to ensure that inflation returns to our medium - term target. we are now ready to take your questions. 4 / 4 bis - central bankers'speeches

action can be taken on three broad fronts. first, we need to ensure that trade remains as open as possible within new geopolitical constraints. and this especially applies to maintaining market access for developing countries that should not have to suffer from great power competition. second, we need to make gender a more substantive component of trade negotiations so that women benefit as much as they should. today, over 80 regional or bilateral trade agreements have at least one provision mentioning gender or women. [ 8 ] that number needs to increase. third, we need to see more women in leadership positions, since that could support trade openness and arrest the slide towards fragmentation. female leaders tend to possess qualities that can be especially beneficial in times of geopolitical tensions. one study finds that they are particularly good at thinking holistically, managing complexity and embracing cooperation – attributes that are ideal when it comes to trade negotiations. at heart is a reciprocal relationship – trade can empower women, and women can empower trade. but we still have some way to go before female leadership becomes as prominent as it needs to be in this world. for instance, women have held only 12 % of the top jobs at the biggest multilateral institutions since 1945. [ 10 ] that has to change. and i have no doubt that, together, we will get there. as we celebrate international women ’ s day, i think of the young women that i see today, and the opportunities that stand before them. and the words of the writer gertrude stein come to mind : “ you are extraordinary within your limits, but your limits are extraordinary. ” because today is not simply about how we, as women, respond to a changing global economy. it is about how we shape it, too. thank you. 1. shin, h. s. ( 2023 ), “ global value chains under the shadow of covid ”, columbia university cfm - per alternative data initiative virtual seminar, 16 february. 2. specifically, trade restrictions across goods, investment, and services. the data cited relate to exports only. see georgieva, k. ( 2023 ), “ confronting fragmentation where it matters most : trade, debt, and climate action ”, 16 january. 3. world bank and wto ( 2020 ), “ women and trade : the role of trade in promoting gender equality ”, washington, dc. 4. see gailes, j. et al. ( 2018 ), “ gender and income inequality in united states tariff