In the next few weeks, the Governing Council will assess how the evolving macroeconomic conditions, most notably the outlook for price stability, and the state of monetary policy transmission can be expected to influence the monetary policy stance.
It will recalibrate its instruments accordingly, with a view to delivering the monetary policy impulse that remains necessary to secure a sustained adjustment in the path of inflation in a manner that is consistent with our monetary policy aim. 1 See, for example, the European Commission’s “European Economic Forecast – Spring 2017”.