We have based our monetary policy on this framework not because we only care about inflation, but because we think it will give us the best result for the whole economy in the long run.
Whereas the appreciation of the euro over recent months may contribute to dampening export growth to some extent, the price competitiveness of euro area companies remains favourable in a medium-term perspective and export growth should benefit from the expected recovery of the world economy. Therefore, recent exchange rate movements should not fundamentally affect the main scenario for the economic outlook.