Accordingly, the Governing Council will monitor very closely all developments. On the basis of our assessment, and by acting in a firm and timely manner, we will ensure that risks to price stability over the medium term do not materialise and that medium-term inflation expectations remain firmly anchored in line with price stability.
It is always a pleasure to return to GIBS as I was personally associated with this school after my term of office as a Deputy Governor expired in 2004, and have a great deal of respect for the forums you create for open dialogue.