annetta. >> yes, thank you very much. thank you very much for talking to us. we were just hearing several voices from board members and policy makers. it's kind of drawing the picture that the ecb tends to draw on caution rather than overhiking do you think that's good strategy >> that's not how i would describe the ecb strategy. the inflation remains high and is proving to be more persistent than people expected it's right that the ecb is focused on that and is taking the action as necessary and squeeze inflation out of the system >> what does that mean for the global outlook >> the global economy is recovering we're expecting it to moderate this year and increase neck year obviously both inflation itself and also the tightening of monetary policy are weighing on growth and, you know, holding it down slightly this year and next. >> let's talk a bit about the consumer because the consumer is kind of squeezed by both effects, the inflation and also the higher rates what's your outlook for consumption spending >> i mean inflation is incredibly painful for consum