And here, let me be clear. The latest incoming data have shifted the balance of risks for growth towards neutral territory in my view. But at the same time, measures of underlying inflation in the euro area remain subdued and our projected path of inflation still remains highly conditional on our policy stance.
In line with our forward guidance on the APP, this clearly suggests that current expectations on the intended horizon of our purchases, as encapsulated in our Introductory Statement, and on the sequencing of policy instruments, remain valid today. Thank you for your attention.