Is It Supply or Demand?

The energy crisis is a direct consequence of Russia's aggression on Ukraine, right? And so, which has led to low growth and more prices rising everywhere. We see that even before the war, prices were starting to go up, so you're absolutely right about that. In fact, in some countries like the UK, demand factors are now having more an impact than the supply factors. So right now, what we're talking about, very large inflation in many parts of the world, monetary policy has to continue to be decisive.