Instead, monetary developments, together with the accumulating evidence of improved economic prospects, confirmed the view expressed earlier by the Governing Council that the balance of risks to future price stability has gradually moved towards the upside.
This assessment argued in favour of adjusting the interest rates within the context of a monetary policy stance which is conducive to maintaining price stability over the medium term. Containing inflationary expectations in a forward-looking manner is decisive for ensuring sustainable growth in GDP and employment.