We are confronting a situation in which price dynamics are very weak and the macroeconomic picture remains uncertain. That is why the Governing Council is committed to re-examining the degree of monetary policy accommodation at its next meeting in December. The programme so far has without doubt been effective.
But we must assess whether, with the weakening of the economy, the current stance is still sufficient to counter the headwinds which could obstruct a return to medium-term price stability. Should we believe this not to be the case, we will examine how it can be enhanced to achieve our policy objective.