We will continue to monitor developments in the economy and set policy in a way that is consistent with our price stability mandate. In doing so, we must also take into account the balance of risks when setting policy.
However, I should also stress that, over recent quarters, several upward risks to the outlook for price stability have emerged which call for ongoing vigilance. These again relate to oil price developments, in particular if second-round effects stemming from wage and price-setting behaviour materialise. Other concerns relate to long-term inflation expectations and monetary trends.