But downside risks that I have already referred to, relating to potential volatility in the oil market and the possibility of a disorderly adjustment of global imbalances, are also relevant.
This patient approach is reflected in the current forward guidance of the ECB monetary policy, by which the interest rates will remain at the present levels as long as necessary to ensure the sustained convergence of inflation to levels consistent with our definition of price stability; and the reinvestment phase of our bond purchase programme will continue for an extended period beyond the first increases of the ECB policy rates.