But it is also clear: if new data cause a change in the outlook for price level stability, we will also modify the monetary policy stance. Forward guidance is not a paradigm shift in the ECB’s monetary policy and, above all, not an unconditional promise to keep central bank policy rates low over a relatively long period of time.
Cœuré: And this is also the most important reason why we delivered our guidance the way we did. We have one single objective and this is medium-term price stability. So we will move out of guidance when we see upside risks to medium term price stability.