It is widely accepted that the best a central bank can do in supporting economic growth is delivering price stability. The ECB has delivered price stability.
We have moved much closer to our goals since last December, and, accordingly, the stance of monetary policy should reflect such progress and begin to adjust gradually. That is the essence of being data dependent. In the current context, we must acknowledge and thus prepare the markets for the fact that interest rates may begin to increase sooner than previously anticipated.