But the macroeconomic situation remains fragile and uncertain and the projected inflation path is still clearly short of our aim. Our policy must therefore remain forward-looking in terms of how we evaluate and recalibrate the amount of policy support needed, and how we assess and react to the balance of risks. All macroeconomic policies need to consider the horizon of their measures.
9 A R Dombret (2017), Opening statement at the press conference on 30 August 2017 presenting the results of  the low-interest-rate survey conducted by the Bundesbank and BaFin. 10 See D Nouy (2017) Too much of a good thing? The need for consolidation in the European banking sector.