However, if it is clear that the timing in which the 2 percent target will be achieved depends mainly on fluctuations in 4  BIS central bankers’ speeches  energy prices, market participants will not draw any unwarranted conclusions with regard to monetary policy, as they know that the base effect caused by changes in energy prices will eventually disappear.
Needless to say, the Bank maintains its policy stance that it will make adjustments as necessary without hesitation, when there are changes in the underlying trend in inflation, especially in developments in inflation expectations, in order to achieve the price stability target at the earliest possible time. III.