Conclusion While the euro area recovery remains solid, broad-based and resilient, the economy has yet to make sufficient progress towards a sustained adjustment in the path of inflation to levels that are consistent with the Governing Council’s aim.
To support such sustained adjustment, the ECB has resorted to a package of complementary policy measures and recalibrated this package at various occasions in line with the evolving macroeconomic conditions, most notably the outlook for price stability, and the state of monetary policy transmission.