If needed, the Governing Council will continue to adjust its instruments both qualitatively and quantitatively. But when this is needed, it should do so carefully and flexibly, and based on what matters for us within the framework of our mandate: the inflation outlook. We must be transparent in our communications on these developments.
Otherwise we run the risk of a more abrupt adjustment for the markets when the decisions are actually taken. But inflation today is very close to the objective of 2%... We base our decisions on facts, but make no mistake – without monetary support, inflation today would not be approaching 2%. That gives us reason to be careful.