a sentence in which – since December 2016 – we had expressed our readiness to increase the monthly pace and/or extend the horizon of our net asset purchases if certain unfavourable macroeconomic or financial conditions materialised. This step followed earlier adjustments to our policy stance, namely reductions in the pace of purchases and the removal of the easing bias on policy rates.
This decision conveys our improving confidence that the strong and broad-based cyclical momentum will eventually lead to a convergence of inflation towards our aim. Overall, however, it is fair to say that we are still some way short of achieving full and durable convergence of medium-term inflation towards levels below, but close to, 2%.