Moreover, as President Mario Draghi has said, the Governing Council stands ready to adjust all of its instruments, as appropriate, so that inflation converges with our aim of below but close to 2% in a sustained manner. It is worth noting that our inflation aim does not imply a ceiling at 2%, since inflation can deviate from our target in both directions.
Before concluding, let me say a word on the longer term. The ECB – much like other central banks – operates in an environment where long run trends, such as population aging and lower long-term interest rates, as well as concerns about inequality and climate change can have important societal effects.