is expected to average 4. 6 % in 2023, which is higher than foreseen in the december projections. subsequently, it is projected to come down to 2. 5 % in 2024 and 2. 2 % in 2025, as the upward pressures from past supply shocks and the reopening of the economy fade out and as tighter monetary policy increasingly dampens demand. as inflation is projected to remain too high for too long, the governing council last week decided to increase the three key ecb interest rates by 50 basis points, in line with our determination to ensure the timely return of inflation to our 2 % medium - term target. the elevated level of uncertainty reinforces the importance of a data - dependent approach to our policy rate decisions, which will be determined by our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission. the key ecb interest rates remain our primary tool for setting the monetary policy stance. 2 / 3 bis - central bankers'speeches the reduction of the asset purchase programme ( app ) portfolio – the second topic for today's hearing – is part of our monetary policy normalisation. as of the beginning of this month, the app portfolio has been declining at a measured and predictable pace of €15 billion per month on average and will continue to do so until the end of june 2023. the subsequent pace will be determined over time and the governing council will regularly reassess the pace to ensure it remains consistent with the overall monetary policy strategy and stance, to preserve market functioning and to maintain firm control over short - term money market conditions. conclusion let me now conclude. with war in europe and high inflation requiring immediate action, policymakers may be inclined to divert their attention from long - term challenges – but we must all strive to keep up our efforts to address the existential crisis of climate change. for us at the ecb, this means continuing to make progress on our climate roadmap. 2 this week we will publish the first climate - related financial disclosures of the eurosystem's corporate sector assets held for monetary policy purposes, and of the ecb's own funds and the staff pension fund. we will be joined in the coming weeks by all eurosystem central banks, which will disclose climate information on their own eurodenominated non - monetary policy portfolios. besides helping us be more transparent about our climate impact, these disclosures

jean - pierre roth : the financial crisis is receding – what will the future bring? summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the centro di studi bancari, vezia, 15 december 2009. the complete speech can be found in french on the swiss national bank ’ s website ( www. snb. ch ). * * * after the financial crisis, the global economy will enter a phase of weak economic growth. unemployment levels in the industrialised countries will be comparatively high. public finances in these countries have been heavily depleted, both by the crisis and by the needs arising from the ageing of their populations, and will need to be consolidated. in monetary terms, inflation will remain under control, at least in those countries whose central banks enjoy a strong level of independence. switzerland is comparatively well equipped to meet these challenges. its public finances are in a healthy state and it is sufficiently open to the world to participate in its most dynamic markets. with its tradition of high quality and cutting - edge technology, switzerland is well positioned to react to specific market requirements. moreover, it can draw on considerable financial resources and, thanks to the openness of its labour market, also has easy access to labour resources, without which growth would not be possible. switzerland ’ s only major drawback is the fact that it is a lightweight in the geopolitical arena, which makes it almost impossible for it to defend itself against protectionist tendencies and discriminatory measures taken by big countries. the swiss government must therefore take a strong stand on behalf of free trade, while also ensuring that the private sector operates within the best possible framework for its further development. ultimately, our future welfare depends on the vitality of the private sector, not on any state intervention.