Taking into account the recent substantial decline in commodity prices, together with the substantial weakening in demand which has emerged lately, upside risks to price stability have diminished. Taking this environment into account and, particularly also the fact that inflation expectations have significantly diminished, the Governing Council has decided to diminish rates by 50 basis points on 8th of October.
Assuming that the new information which is progressively becoming available since then and until our next meeting, is likely to indicate a further alleviation of the upside risks to price stability in the medium term and a confirmation of the more solid anchoring of inflation expectations in line with our definition of price stability, I consider possible that the Governing Council would decrease interest rates once again at its next meeting on the 6th of November.