Today’s decisions, together with the other measures in place, have been taken with a view to underpinning the firm anchoring of medium to longterm inflation expectations, in line with our aim of maintaining inflation rates below, but close to, 2%. As our measures work their way through to the economy they will contribute to a return of inflation rates to levels closer to 2%.
If things evolve in line 1/4  BIS central bankers' speeches  with this central scenario, it is probable that we will still have spare capacity in the labour market for a while yet, especially taking into account underemployment.