We will take any measures necessary to ensure that we deliver on our inflation target of 2% over the medium term.
That is why, at our last Governing Council meeting, we recalibrated our policy measures, allowing for a step-by-step reduction in the pace of our net asset purchases, moving gradually from around € billion per month to € billion per month over the course of 2022.2 We also ensured that we have the flexibility to respond to a range of circumstances.