Today, this benchmark is at minus 0.75 per cent. It is the view of Governing Council that the need for a negative real policy rate continues to diminish steadily, albeit gradually. Most of our deliberations, therefore, concerned the appropriate pace of interest rate increases. As we have said repeatedly in the past, this is an intensely data-dependent process of risk management.
(ii)  Financial Stability → Price Stability  Let us now see the interaction in the reverse direction. Whether policies aimed at financial stability can affect price stability is a debate that has stayed with us all through the period of management of the crisis.