As for our third criterion, resilience, waning market expectations of sizeable further expansions of our programme have been accompanied by inflation expectations that are increasingly consistent with our aim. At the end, any decision concerning the termination or further extension of our net purchases will hinge on the ultimate judgement of the Governing Council.
Based on the experience of other countries, in such a case, my intention is to define price stability at inflation rates around the 8.0% mark. But I will be quiet reluctant to have a double digit level of inflation, for the main reason that I want to be sure inflation is not going out of control.