- regulation are sufficient to ensure global welfare. we have seen that improvements are needed to preserve the safety of the global economic and financial system. these improvements concern rules of the game and procedures, but they also concern attitudes and underlying values. countries have to recognise the global impact of their policies and financial market players have to accept that the prime purpose of the financial sector is to serve the real economy. second, more than in the past, global governance must demonstrate a capacity to coordinate and decide extremely swiftly. a characteristic of the turbulences that intensified in september 2008 was the extreme rapidity in the succession of events as the crisis unfolded. the very high degree of interdependency between all economies calls for a much higher level of cooperation than in the past. third, the crisis has rightly accelerated the inclusion of emerging markets into the framework of global governance. but there are two reasons for this change. one is positive : the emerging economies are now economically and financially so important, and systemically so influential, that they must be fully involved in global governance. i hesitate to unveil the other reason that is not flattering for industrialised countries : they did not live up to their responsibilities prior to the crisis. now, the industrialised countries are called on to contribute to the stability and prosperity of the global economy within the new, more inclusive framework. looking ahead, we see that the global recovery has started to proceed at different speeds across regions, with a relatively modest recovery in advanced countries like the united states, japan and the euro area and a stronger expansion in the emerging economies. and yet, there is no time for complacency as recent tensions in financial markets have amply demonstrated. let me stress that it is important that the recovery should be measured in broader terms than the simple resumption of gdp growth and a return to sustainable fiscal positions : it means a full restoration of trust in our financial institutions ; it requires the healing of wounds inflicted by the irresponsible behaviour of some financial players on our societies and on the real economy ; and it requires renewed confidence that global governance is strong, broad and flexible enough to ensure global economic and financial stability and resilience in the future. thank you for your attention.

a shift in the proportion of participants reporting expected inflation rates above 4 per cent. in line with the literature on household inflation expectations, the most important signal is conveyed by the shift in the distribution of beliefs about future inflation more than the precise level of expected inflation. chart 12 inflation expectations in the ecb consumer expectations survey ( left panel : annual percentage changes ; right panel : annual percentage changes ; percentages of respondents ) sources : ecb consumer expectations survey and ecb staff calculations. notes : “ median ” refers to the median across individual respondents. data is winsorised at the 2nd and 98th percentile. the latest observations are for march 2022. taken together, charts 10 - 12 indicate that there has been a substantial and widespread shift in longerterm inflation expectations since early 2021, largely in the direction of re - anchoring expected inflation at the two percent target. this suggests that the euro area is unlikely to revert to the persistent belowtarget inflation trend that was so entrenched before the pandemic. at the same time, the most recent signals from surveys and market - based measures also suggest that the right tail of the distribution is expanding, which warrants close monitoring. monetary policy in recent years, the monetary stance of the ecb has been determined by a combination of policy measures : the low level of the key policy rates, rate forward guidance, asset purchases and targeted lending operations. the period of very low interest rates for banks in the targeted lending programme ( tltro iii ) is scheduled to end next month. moreover, as shown in chart 13, there has been a very substantial decline in the rate of asset purchases in recent months and the governing council expects to end net purchases under the asset purchase programme ( app ) in the third quarter. chart 13 monthly flow of net purchases under app and pepp ( eur billions ) source : ecb. notes : the chart shows aggregated net purchases for all public and private app and pepp programmes at month - end. the latest observation is for 30 april 2022. the values for may and june 2022 were inferred from the ecb ’ s most recent monetary policy announcement ( 14 april 2022 ). furthermore, as shown in chart 14, there has been a remarkable shift in the yield curve during the initial months of 2022. in part, this reflects the re - pricing of risk premia in the current highly - uncertain environment. in part, it reflects the anticipation of market participants