Our stance is accommodative in full consistency with our prime task to maintain price stability in the euro area. This is vindicated by the consistent anchoring of inflation expectations for the euro area over the medium to long term in line with our aim of maintaining inflation rates below, but close to, 2%.
Yet, there is no doubt that the outlook on inflation remains subdued and we expect only a very gradual upward movement towards inflation rates below, but close to, 2% later on. That’s why our monetary policy will continue to provide an appropriate degree of accommodation.