Furthermore, while near-term projected inflation has been subject to sizeable upward revisions due to energy and food price rises, the medium-term outlook remains largely unaffected. More importantly, the upward path of headline inflation over the coming years remains highly dependent on monetary policy support. Against this background, it is appropriate to preserve the degree of monetary accommodation we are currently providing.
Ensuring a safe and growth-supporting financial system While our monetary policy is primarily geared towards maintaining price stability, the ECB is also 2/5  BIS central bankers' speeches  tasked with identifying and assessing the potential impact of systemic risks on the stability of the euro area financial system. Our Annual Report sets out four key risks.