We are strongly determined to safeguard the firm anchoring of inflation expectations over the medium to long term. As a follow-up to the decisions taken in early June, the Governing Council today also decided on specific modalities for the targeted longer-term refinancing operations (TLTROs).
Long-term inflation expectations in the euro area, whether based on surveys or extracted from financial indicators, have been exceptionally resistant to sudden short-term price changes. We will ensure that inflation expectations remain impervious to short-term changes in inflation, even in the face of sharply falling inflation.