This statement was conditional on an overall subdued outlook for inflation extending into the medium term, which is currently the case, as I have just explained. In line with our forward guidance, we decided in November to lower the key ECB interest rates further.
The interest rate on the main refinancing operations was lowered by 25 basis points to 0.25% and the rate on the marginal lending facility by 25 basis points to 0.75%. The rate on the deposit facility was left unchanged at 0.00%.