I would be the first to acknowledge that there can be a tension between these two dimensions in the short run, and that delivering price stability has been more challenging in recent years, in part due to financial fragmentation in the euro area. The ECB has been addressing financial fragmentation in the euro area since its beginning in 2011.
This effort has included the provision of liquidity to the banking system in abundant and uniform terms across the whole euro area, against good quality collateral and subject to risk management limits; as well as securities market purchases, the Securities Market Programme and the covered bonds purchase programme, and the Outright Monetary Transactions (OMT) programme.