So this is a development we need to monitor closely. In terms of wider financial markets, the volatility we saw in February has so far remained concentrated in equities, and the spillovers to other asset classes in the euro area that are more correlated with sentiment indicators has been moderate.
But should there be any further sharp repricing in financial markets, we will need to monitor the consequences carefully. Implications for monetary policy So what does this mean for the sustained adjustment in the path of inflation, which is the key condition for bringing net asset purchases to a gradual end?