Overall, the basic elements of our assessment of 6 March on the outlook for price stability remain in place and accordingly we decided to keep interest rates unchanged. We also noted that the outbreak of the war has not affected the functioning of the financial system.
As indicated in our press release of 20 March, the Governing Council will act to ensure the proper functioning of financial markets, providing sufficient liquidity in the euro area as needed. Let me now explain our assessment of economic developments in more detail.