And the fact that our policy has so far proven effective should not blind us to them. This is not a question of trade-offs. We cannot shy away from implementing a policy that ensures price stability on account of potential collateral effects. Nor can we extend the medium-term to horizons that compromise our objective.
Yet at the same time we need to understand and manage those collateral effects – and in pursuing our mandate we should attempt, to the extent possible, to minimise them. Where this is not possible, we have a duty to raise awareness so that mitigating or corrective action can be taken by other relevant authorities.