The third criterion was that we want to be reassured that the upward path in inflation can be maintained even in conditions in which monetary policy becomes less accommodative. And this also is not there. The future path of inflation remains dependent on a very substantial degree of monetary accommodation. So when you look at the four criteria, the conditions are not yet met.
So are the other two ticked? The first crierion is that the path of inflation is expected to reach levels below but close to 2 percent within the medium term horizon. I would say broadly yes. By and large yes, based on current staff forecasts. But it also depends on what you call the medium term.