Inflation expectations must remain firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 percent over the medium term. To defend this goal the ECB has increased its policy rate already twice this year, in April and July by a cumulated 50 basis points to the current level of 1.5 percent.
By doing so, the ECB was the first major central bank in the world that hiked interest rates and proved its unconditional commitment to its primary mandate of securing price stability in the medium term and its independence.