level, it means that inflation is expected to be at 3. 3 % in the fourth quarter of 2023, assuming, of course, there are no new external shocks. the aim of monetary policy, through higher interest rates, is to support disinflationary pressures through downward pressure on demand. so monetary policy has a " more " difficult job than when dealing only with " typical " demand driven inflation. 1 / 2 bis - central bankers'speeches given the above considerations and the current highly uncertain environment, the inherent flexibility of the meeting by meeting approach we decided at the governing council is well suited to calibrating monetary policy, in line with the incoming data and the evolving outlook. thank you. 2 / 2 bis - central bankers'speeches

scenario projects a 2030 gdp about 0. 5 % above the baseline, resulting from an increase in private consumption due to an efficient use of carbon revenues. the impact of the green transition on inflation is also of great importance, especially for central banks. if there are rising carbon prices and increases in the price of critical raw materials as a result of the roll - out of green technologies, this may lead to a period of high energy prices. according to an ecb survey of leading firms, more than 80 % of respondents agreed that mitigating climate change, would make the raw materials and components they use for this purpose more expensive. almost as many agreed that this would increase the price of the goods or services their company provides. if prospects of persistently rising energy prices contribute to the risk of de - anchoring inflation expectations, or if underlying price pressures boost rather than suppress growth, employment and aggregate demand over the medium term, then monetary policy cannot just look through energy price shifts, even if they are of structural nature. therefore, it is important to monitor the transition and understand to what extent the green transition, which is undoubtedly necessary, may have a rising impact on prices. in relation to this, policy makers, including central bankers need to be equally attentive to the broader challenge of climate change. the latest ecb monetary policy strategy review, incorporates climate considerations in its monetary policy framework. the monetary policy strategy review has laid out a roadmap with climate change - related measures for the next years. this includes the development of new macroeconomic models to monitor the implications of climate change for monetary policy, the introduction of new indicators for green financial instruments and the carbon footprint of financial institutions, and new climate stress tests for banks in the euro area. in conclusion, the ecb's recent monetary policy actions stand as testament to our commitment to price stability. the path we have chosen has been both challenging and rewarding. as we look to the future, we need to remain dedicated to adapting our policies to meet the ever - changing economic environment, always with the aim of fostering price stability for a prosperous euro area. we should pursue our efforts, always having in mind that we cannot change the direction of the wind but we can adjust our sails to always reach our destination! 3 / 3 bis - central bankers'speeches