I thank Deputy McGrath for raising this very important issue. I am taking the matter on behalf of the Minister. As Deputy McGrath will know, the formulation and implementation of monetary policy is an independent matter for the European Central Bank, ECB. As it sought to combat excessive inflation, the ECB increased official interest rates on ten occasions, to 4.5%, in the period 2022 to 2023. However, since last summer, the ECB has reduced its official rates on eight occasions and, together with a change to the wa…