Yet, there is no doubt that the outlook on inflation remains subdued and we expect only a very gradual upward movement towards inflation rates below, but close to, 2% later on. That’s why our monetary policy will continue to provide an appropriate degree of accommodation.
And just be reminded that our forward guidance to keep interest rates at present or lower levels for an extended period of time remains in place. Let me also assure you that the ECB has and always will respond to downside risks to price stability if they were to emerge going forward.