I have no doubt that the Bulgarian National Bank will continue to monitor the situation closely and take additional measures if necessary. Let me now turn to inflation, which is certainly a major challenge on the road to future EMU membership after entry in the European Union. Indeed, at 6.5% at the end of last year, headline inflation is high.
As price stability is the needle in our compass, we took account of the easing of inflationary pressures and lowered interest rates.