Outlook for monetary policy Indeed, the Governing Council has said for a long time that appropriate stimulus will remain in place until inflation has converged sustainably towards our objective of below, but close to, 2%. What do we mean by sustainably? Well, it relates to our objective and how we have always carried out our mandate.
Let me highlight the four criteria that the President set out at the January press conference. Inflation needs to converge towards our objective over the medium term. As mentioned earlier, the relevant horizon for monetary policy is the medium term. We do not react to short-term fluctuations, particularly those caused by energy and other commodity prices.