We have also stated our commitment to keep this policy in place for as long as needed. Before turning to the current situation in the market, let me stress a very important point. Through the liquidity operations just discussed, the ECB has contributed to the orderly functioning of the money market, which is one of its key responsibilities.
The recent improvement in the global economy provides some extra assurance on this front. Headline inflation is expected to be back above 2 per cent later this year, boosted by higher prices for petrol and tobacco. The pick-up in underlying inflation is expected to be more gradual.