And we need persistence because the pick-up in inflation is the result of the prevailing monetary policy stance. If the flow of incoming data were to confirm the expectation of a gradual build-up of inflationary pressures, this would not necessarily be sufficient to affirm a sustained adjustment as less supportive monetary policy conditions could imperil the inflation trajectory.
Once the Governing Council judges that the three criteria for sustained adjustment have been met, net asset purchases will expire, in line with our guidance.