The first is an "inflation-overshooting commitment" introduced in September 2016. This is a commitment that the Bank will continue expanding the monetary base until the observed inflation rate exceeds 2 percent and stays above that level in a stable manner.
Against this background, it is crucial that the social partners continue to meet their responsibilities, particularly in the context of a more favourable environment for economic activity and employment. The monetary analysis continues to point to upside risks to price stability at medium to longer horizons. Annual M3 growth rose again to 8.5% in September, after having increased to 8.2% in August.