The Vice-President and I will now report on the outcome of today’s meeting of the Governing Council of the ECB. On the basis of our economic and monetary analysis, we have concluded that there are no fundamental changes to the medium-term outlook for price stability.
Since 1999, overnight rates have limited their fluctuations on the dates of monetary policy announcements to less than five basis 3 points on average, a sign that policy was reasonably predictable.