Non-standard measures need to be phased out to the extent that they are no longer needed to support the functioning of the transmission of monetary policy to the economy; we must make sure that liquidity support to the economy is maintained as long as appropriate; but also that we do not sow the seeds of future imbalances and create addiction to our liquidity.
At the same time, the setting of our policy rates must be adjusted with the aim of delivering on the ECB’s mandate, – to maintain price stability for the euro area in the medium term – in a pre-emptive manner, in order to avoid any deterioration of inflation expectations.