Should you revise the guidance at the same time as you decide what happens beyond September? Indeed, early this year, we have removed the easing bias on our APP. Looking forward, I wouldn’t say there is a date or a deadline. The fact that the two of us are talking about this now is already very telling.
Turning to the monetary analysis, various estimates of underlying broad money growth point to a sustained but moderating rate of monetary expansion in the euro area. Monetary trends therefore support the view that inflationary pressures are diminishing further, with some risks remaining on the upside in the medium to longer term.