Macro update. We lowered our growth forecasts for the eurozone economy to 2.6% this year and 1.9% next year, as growth headwinds strengthen. Higher inflationary pressures are the main driver of our downward revision. We now expect consumer price inflation to reach 7% this year and 3.4% in 2023,on the back of higher energy and food prices resulting from the current geopolitical context (see chart below). Consumers are starting to feel the squeeze on their purchasing power, especially as rising employment and wage increasesare not sufficient to make up for higher prices. We still expect significant pandemic-related saving buffers and pent-up demand for services to keep consumption rising, but to a lesser degree than three months ago because financial market turmoil is eroding net wealth.