The underlying pace of monetary expansion remains subdued, consistent with contained inflationary pressures over the medium term. Looking ahead, we are firmly committed to maintaining price stability in the euro area, in line with our mandate.
To this end, the continued firm anchoring of inflation expectations – in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term – is of the essence. Over recent months, a wide range of additional non-standard monetary policy measures has been implemented by the Eurosystem.