Given the recent escalation of risks to the inflation outlook, including since the last meeting of the MPC, the MPC will need to assess very carefully whether the current monetary policy stance remains appropriate. Thank you. BIS central bankers’ speeches  9
I would refer to a recent one by Governor Santomero, who was quoted in the Financial Times (30 September) as saying: “The Fed has a dual mandate: to oversee price stability and potential growth, in that order”. The priority to price stability inscribed in the ECB’s statutes can thus be considered as an advantage in the current conjuncture.