Ladies and gentlemen There’s another thing that seems clear to me: the normalisation of monetary policy in the euro area will take quite some time. That’s why I believe it is also important to gradually and dependably reduce the degree of monetary policy accommodation when the outlook for price developments in the euro area permit us to do so.
The stock market turbulence at the start of the month shows that dependability in communication plays a particularly significant role in this regard. Of course we don’t tie ourselves to the mast like Odysseus, in monetary policy terms; instead, we always make our decisions on the basis of current data and projections. But there needs to be clarity about our monetary policy reaction function.