After the adjustments in the key interest rates, the ECB’s monetary policy remains still on the accommodative side, with overall financing conditions favourable, money and credit growth vigorous, and liquidity in the euro area ample. Looking forward, firm and timely action continues to be warranted to ensure price stability over the medium term.
The Governing Council will continue to monitor closely all developments in order to ensure that risks to price stability over the medium term do not materialise. Fiscal policies As regards fiscal policies, the ECB shares the view expressed in the draft resolution that fiscal consolidation is key and all the more necessary in good times in order to achieve longterm growth.