Combined with recent monetary and credit developments, this suggests that downward risks to future price stability have receded further. On the other hand, all indicators we use in our monetary policy strategy do not signal upward inflationary pressures.
This is true for money, with a development of M3 that remains close to the reference value, and also for the other indicators (combining financial market and real economy indicators including wage developments) that we use in our broadly-based assessment of the outlook for price developments.