Available data suggest that the underlying rate of money and credit expansion remains strong and that the ongoing financial turmoil has, as yet, not significantly affected bank loan supply to the non-financial corporate sector. In line with its mandate, the Governing Council is strongly determined to secure the firm anchoring of longer-term inflation expectations in line with price stability.
Such an anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting sustainable economic growth and job creation in the euro area. In particular, the Governing Council remains committed to preventing second-round effects and the materialisation of upside risks to price stability over the medium term.