Specifically, last year we decided to integrate  Environmental, Social and Governance (ESG) factors into the management of our equity portfolio. We have also completed background studies to launch, this year, an analogous initiative for our corporate bond portfolio.
On the basis of current information, annual HICP inflation is expected to remain around present low levels over the coming months, before only gradually increasing during 2015 to reach levels closer to 2% towards the end of 2016. New macroeconomic projections by Eurosystem staff will become available in early June. Medium to long-term inflation expectations remain firmly anchored in line with price stability.