At the same time, I would like to stress that both types of measures are compatible with the ECB’s price stability objective, as both inflationary pressures and inflation risks have decreased substantially in the course of the crisis. Any concerns that the current monetary policy stance may push up inflation in the time ahead are, therefore, unfounded.
Neither short-term inflation expectations nor forecasts of the degree of capacity utilization (output gaps) in the real economy, and neither credit growth figures nor money supply measures are, at present, signaling inflation risks. It goes without saying that we are closely monitoring developments to be able to take action fast, if need be.