This evaluation will necessarily turn on two basic considerations: first, an updated assessment of the medium-term inflation outlook (both the modal path and the risks to this outlook) second, an updated assessment of the appropriate monetary policy stance to make sure that inflation returns to our two per cent target in a timely manner.
In turn, both parts  of this assessment involve judgements on the impact of the monetary policy adjustments that have already occurred since December 2021. Chart 1 Changes in the key ECB policy rates (percentage point changes)  Source: ECB. Note: The latest observation is for 8 February 2023.