Our latest projections foresee inflation moving towards levels below, but close to, 2% over the forecast horizon. Given the softness of underlying inflation, however, we cannot yet be sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner.
Inflation dynamics also remain reliant on the present, very substantial degree of monetary accommodation, so they have not yet become self-sustained. Against this background, the Governing Council reaffirmed its monetary policy stance, including its forward guidance, in order to secure a sustained convergence in inflation towards our aim and insure the recovery against the downside risks that still persist.