As for the second criterion, the confidence interval of our baseline projections has both narrowed and become less skewed on the downside. Nevertheless, the upward trend of inflation is still subject to some degree of uncertainty and downside risks have not disappeared. And this trend is still dependant on quite some amount of monetary policy support.
This is why the fundamental conditionality built into our reaction function, which makes the horizon of the asset purchase programme conditional on a sustained adjustment in the path of inflation, remains in place.