Commodity prices could increase more than expected. Also, indirect taxes and administered prices could turn out higher given the need for fiscal consolidation in the coming years. Finally, the ongoing recovery in activity could result in stronger than expected domestic price pressures.
As regards our future monetary policy stance, I have nothing to add to what I said, on behalf of the Governing Council, on the occasion of our last monetary policy decision meeting earlier this month. As regards liquidity-providing operations, the Governing Council decided to conduct them in the second quarter of 2011 on the same conditions as in the first quarter of 2011.