Being prepared to exit from our non-standard measures – as soon as the macroeconomic conditions justify such a move – helps to maintain price stability over the medium term and to ensure a firm anchoring of longer-term inflation expectations. Any changes in the operational framework will of course be communicated in good time.
The ECB and the Eurosystem remain committed to pursuing a timely and transparent communication policy. Likewise, the financial sector needs to live up to its responsibilities and not to become dependent on long-term funding through the ECB’s refinancing operations. It is important that the financial sector also helps to restore confidence among banks.