First, convergence: headline inflation will have to be on course to reach levels below, but close to, 2% by the end point of a meaningful medium-term horizon. Two things are noteworthy here: the salience of our inflation aim and the forward-looking perspective.
There should be no doubt about our steadfast commitment to secure a sustained return of inflation rates towards levels that are below, but close to,, 2%. And the perspective should be forward-looking because our monetary policy framework directs us to shape monetary policy with a firm medium-term orientation.