With anticyclical instruments, in particular, the phase-out period, ie when the dampening effect stops, can be just as important as the phase-in period, ie the dampening itself.
Our measures help to preserve favourable financing conditions for all sectors of the economy, which is needed for a sustained economic recovery and for safeguarding price stability. We will also continue to monitor developments in the exchange rate with regard to their possible implications for the medium-term inflation outlook.