However, our task is to strengthen confidence in the medium-term price stability and to prevent de-anchoring of inflation expectations through our credible action. These developments urge us to continue our journey down the path of monetary policy normalisation.
In particular:  First, the process of the gradual winding down of Eurosystem net asset purchases will conclude this month, as we also end net purchases under the APP, after the PEPP net purchases already ended in March this year.