In this process we will have to consider, in a balanced manner, macro-economic conditions such as the domestic economic and  3/8  inflation trends, together with financial stability conditions including the build-up of household debt.
The economic recovery in the euro area itself is intact. On Thursday, the US Federal Reserve System decided not to raise interest rates. Does this decision make life easier or more difficult for the ECB? The euro area is in a very different cyclical phase from the US economy. Therefore, our monetary policy cycles are also not synchronised.