This is how an independent central bank that has been 2/3  BIS central bankers' speeches  set the primary objective of price stability operates. The ECB Governing Council launched in December the gradual normalisation of monetary policy. Net purchases under the Pandemic Emergency Purchase Programme (PEPP) will be discontinued at the end of March 2022.
In our meeting last week, we assessed that risks to the inflation outlook are tilted to the upside. In an uncertain situation – I am referring also to the current geopolitical tensions and their possible impact on energy prices and growth – it is better to be safe than sorry, in other words to proceed gradually and step by step in monetary policy normalisation.