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<p><span>Thank you, Professor Wieland, for the introduction, and thank you to the Institute for Monetary and Financial Stability for the opportunity to speak to you today.</span><a title="footnote 1" href="https://www.federalreserve.gov/newsevents/speech/waller20220530a.htm#fn1"><span>1</span></a><a name="f1"></a><span> I come here at a moment of great challenge for Germany and Europe, and a moment in which it has never been more evident that the interests of Europe and the United States are closely aligned. America stands with Europe in defending Ukraine because we all understand that an assault on democracy in Europe is a threat to democracy everywhere. We also face the common challenge of excessive inflation, which is no coincidence, since Germany and other countries are dealing with many of the same forces driving up inflation in the United States.</span></p>