Secondly, a decision about the timing of the exit from the very low level of interest rate requires a close monitoring of all relevant developments. Any measure which could pose an upward risk to price stability will be withdrawn in a timely fashion.
In this respect I would prefer not to listen to those who are recommending a bias in deciding the timing of the exit, i.e. that it’s preferable to err on the side of late rather than early withdrawal. It’s pretty obvious that a premature exit may undermine the incipient economic recovery. But a belated response can be equally damaging.