Mr. Chair, I certainly would strongly disagree with that view. It's very tempting to blame something that's beyond the control of the government of the day or the central bank, but, again, the facts speaks for themselves.
If you look at money supply growth, after being a steady for 5% to 6%—sort of where it should be—some aggregates have been growing at 40% or 50% until recently. That has nothing to do with the pandemic, Ukraine or supply disruptions. That is just excessively inflationary, loose monetary policy—also monetizing government spending. Really, that's 99% of the problem, Mr. Chair.