The ECB has thus introduced negative interest rates and bond-buying programmes to safeguard price stability in the euro area. The functioning of these measures is complex and its relationship to the mandate of the central bank is not easy to understand. Complexity often fuels suspicion.
This may also imply a transitory period in which inflation is moderately above target. Let me turn to the assessment of the economic outlook and our pandemic measures. The recovery in the euro area economy is on track. More and more people are getting vaccinated, and lockdown restrictions have been eased in most euro area countries.