The pace at which we adjust our monetary policy will depend on the incoming data and how we assess inflation to be developing in the medium term, in line with our commitment to our target of 2% over the medium term. Wage increases and developments in inflation expectations need to be monitored closely, as they will be crucial for our deliberations beyond September.
Let me stress that, ever since the gradual process of policy normalisation was initiated in December 2021, the Governing Council has pledged to act against potential fragmentation risks.