"2 It is our mandate to safeguard price stability. We must fulfil this mandate, and we will fulfil this mandate. Earnings developments now and in the coming years are ultimately the result of the exceptionally accommodative monetary policy of the past few years.
Now, a tight monetary policy is needed in order to restore price stability in a timely manner.If this entails financial burdens, we will have to – and will be able to – cope with them. The burdens will pass, and we will be able to subsequently start making profits again. The Eurosystem must now do what needs to be done.