The standard measures are there to deliver price stability in the medium term. Seen through the lens of the separation principle, I stress that we have been and will take in the future decisions on standard measures independently of our decisions on non-standard measures.
For example, the ECB has indicated clearly that interest rate increases could perfectly well take place independently of the timing of the phasing out of the non-standard measures – if those non-standard measures continue to be fully justified by the situation. The separation principle can be seen operating recently.