Let me conclude this overview of the current situation by reminding that a medium term oriented monetary policy has little room for fine tuning the economy and controlling the economic cycle. The ECB has neither the instruments nor the intention to do so.
The mandate of the ECB implies that the monetary policy decisions of the ECB aim at maintaining price stability in the medium term, based on the assessment of the risks to price stability, conducted on the basis of its two-pillar strategy. By following this policy, the ECB will continue to provide its best contribution to economic growth and employment.