In light of this, the Governing Council last week reiterated that should the monetary stimulus fall short of our intention to move our balance sheet towards the dimension it had at the beginning of 2012, or should it become necessary to further address risks of a too prolonged a period of low inflation, it remains unanimous in its commitment to using additional unconventional instruments within its mandate.
This would imply altering early next year the size, pace and composition of our measures. ECB staff and the relevant Eurosystem committees have therefore stepped up the technical preparations for further measures with a view to implementing them in a timely manner, if needed.