•  On the basis of its economic and monetary analyses, and by acting in a firm and timely manner, the ECB will ensure that upside risks to price stability over the medium term do not materialise and that medium and long-term inflation expectations remain firmly anchored in line with price stability.
This will thereby favour an environment conducive to sustained economic growth, well-functioning markets and job creation. Providing such an anchor for medium and long-term inflation expectations is all the more important at times of financial market volatility and increased uncertainty. •  As regards the financial markets, although improving, the situation in the money market is not yet back to normal.