In any case, the level of our policy rate has to be always understood as reflecting our best attempt of safeguarding price stability in the euro area as a whole. I think, in this respect, the single objective is a very important guide post to anchor inflation expectations, but also to make transparent and traceable the trajectory of our rate setting.
Conclusion and outlook  Let me conclude. Almost six years after the outbreak of the financial crisis in summer 2007 the economic situation in the euro area is far from back to normal.