This change is clearly reflected in our forward guidance. As decided at our monetary policy meeting yesterday, the Governing Council expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching 2% durably, and it judges that the progress realized in underlying inflation is consistent with inflation stabilizing at 2% over the medium term.
This may also imply a transitory period in which inflation is moderately above target. Thus we maintain our very accommodative monetary policy stance, appropriate for the rebounding eurozone economy and the still remaining uncertainties. We also deemed that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases of PEPP than in the previous two quarter.