Their full compliance with the Stability and Growth Pact is the best tool to solidly anchor market expectations. Furthermore, the ECB’s commitment to maintaining price stability is the best contribution monetary policy can make to sustaining economic recovery and long-term economic growth.
The ECB is well prepared to take appropriate action and also to exit from its non-standard monetary policy and liquidity management measures in a credible manner once the macroeconomic environment improves. Most importantly, we will continue to deliver on what we are expected to deliver, which is to maintain price stability, and to provide an anchor of confidence in difficult times.