In conclusion, the current monetary policy stance should ensure a sustainable expansion of non-inflationary economic activity in the euro area. In line with its monetary policy strategy, the Governing Council will remain vigilant with regard to any risks to price stability arising either from domestic or from external sources and act in a timely manner.
Let me now give the floor to the Vice-President to introduce some of the additional topics we discussed during our meetings. The Governing Council today also took a decision on the subject of the minimum reserve system. As you may be aware, interbank liabilities are not subject to reserve requirements.