The continued high degree of uncertainty about the macroeconomic and financial environment requires a careful assessment of the overall situation and outlook.
Non-standard measures need to be phased out to the extent that they are no longer needed to support the functioning of the transmission of monetary policy to the economy; we must make sure that liquidity support to the economy is maintained as long as appropriate; but also that we do not sow the seeds of future imbalances and create addiction to our liquidity.