Through its interventions in the money and near-money markets, the ECB has – fully in line with its mandate – also played an active and successful role in tackling the  BIS central bankers’ speeches  3  financial and economic crisis in the euro area. Upside and downside risks to price stability could thus be adequately contained at any time.
As to the ECB, our strategy and monetary policy  framework was reviewed and revised a year ago, in July 2021, and the revised strategy remains valid: we are determined to deliver on our symmetric target of 2% inflation in the medium term. I’ll come back to that shortly, but me begin with the current outlook.