However, we acknowledge that uncertainty about future US trade policy is having some impact on business confidence and investment spending, and this impact is reflected in our outlook. In this context, Governing Council judged that the current stance of monetary policy is appropriate.
All in all, it is essential that the recent price developments do not give rise to broad-based inflationary pressures over the medium term. Our decision will contribute to keeping inflation expectations in the euro area firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term.