It has stated clearly that “future decisions will ensure that the key ECB interest rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to our 2% medium-term target and will be kept at those levels for as long as necessary”. Two sources of uncertainty affect the desired “level” and “length” of our interest rate policies.
First, since we face uncertainty about the persistence of inflation, the level at which rates peak will be state-contingent. It will depend on how the economy and various forces I have described evolve over time. And it will have to be continuously re-assessed over time.