For these reasons, the calibration of our policies will remain data-dependent and reflect our evolving assessment of the outlook. Our over-riding commitment is that the Governing Council will take whatever action is needed to fulfil the ECB’s mandate to pursue price stability and to contribute to safeguarding financial stability.
We stand ready to adjust all of our instruments within our mandate,  incorporating flexibility if warranted, to ensure that inflation stabilises at our two per cent target over the medium term. 1.