In order to guide expectations of future price developments and to facilitate the public’s assessment of the success of the single monetary policy, the Governing Council has announced a quantitative definition of its primary objective: price stability has been defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%, to be maintained over the medium term.
I think it’s important to bear in mind that, from the economic perspective, Europe remains the main economic and financial shield for an economy like Spain’s in times like these, in an emergency like the one we’re in now.