Based on the current analysis of the economic and inflationary outlook, and especially in light of the need to contain the creeping unanchoring of inflation expectations, it is my view that it seems necessary that in our policy rates we move relatively quickly out of negative territory and continue our gradual process of  monetary policy normalisation.
I am not alone, as this is also the indication given by many of my colleagues in the ECB Board and Governing Council. Anneli, Ladies and Gentlemen, The growth outlook also affects the outlook for financial stability. Direct exposures of European financial institutions and investors to Russia are small and had already diminished after the annexation of Crimea in 2014.