Transparency about the envisaged sequence in the adjustment of our various policy instruments was an important element of our communication strategy. Yet, on my next slide you can see that, at some point in early 2018, markets expected the ECB to hike its deposit facility rate one month after the expected end of net asset purchases.
The inflation target is symmetric: the Governing Council considers both inflation above and below this 2% target to be equally undesirable. The new strategy was worked out in 2020–21 in a disinflationary, even deflationary environment, and it serves to ensure that the economy does not get stuck in a situation of too slow inflation for a prolonged period.