I will briefly discuss three areas highlighted in your Report in which the review is having an impact on our daily work. The first area is how we take our monetary policy decisions. In your Report, you highlight the importance of ensuring the necessity, suitability and proportionality of all our monetary policy measures.
Indeed, before taking any decision the Governing Council conducts a careful evaluation of the effectiveness, efficiency and proportionality of its actions, including their potential side effects, based on an integrated assessment of all relevant factors. This assessment builds on a revised analytical framework which brings together the economic analysis and the monetary and financial analysis.