And this is why we are ending the policies that sought to fend off deflationary dynamics, such as net asset purchases and negative rates. But beyond this, further adjustments to our monetary policy stance will depend on the evolution of the outlook for inflation and the economy. At this stage, inflation expectations stand at around 2% and wage increases remain moderate.
We are closely monitoring these developments. And we need to see how the economy reacts to the tightening in financing conditions and the deterioration of the global and domestic economic outlook.