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The past seven years have been an extraordinary journey. [ 1 ] We have moved from a world in which inflation was persistently too low to one marked by recurrent inflationary shocks; from a historically accommodative monetary policy stance to the fastest tightening cycle in the history of the ECB; and from a deeply integrated global economy to one increasingly shaped by fragmentation and geopolitical tensions. As I reach the end of my journey here at the ECB, I would like to reflect on the lessons these experiences have taught me about the conduct of monetary policy in a world that has become less predictable.
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