our ordinary asset purchases, and also decide on the fate of the targeted longer-term refinancing operations (TLTRO III). Here it is vital that the measures are designed to grant sufficient flexibility if the situation does not unfold in line with the core scenario.
We must therefore ensure sufficient manoeuvring room in the event of a further deterioration in the pandemic, and thus in the economic situation, and also in the event of inflationary pressures lasting longer than anticipated and inflation being more sustained than expected. To close, allow me to touch on the banking system.