So in the current context where global uncertainties remain elevated, there are strong grounds for prudence in the adjustment of monetary policy parameters, even when accompanying the recovery. Any adjustments to our stance have to be made gradually, and only when the improving dynamics that justify them appear sufficiently secure. Conclusion Let me conclude.
Our assessment of the outlook for inflation and for monetary policy can be summed up in three messages. The first is confidence that monetary policy is effective and the transmission process will work. All the signs now point to a strengthening and broadening recovery in the euro area. Deflationary forces have been replaced by reflationary ones.