Growth will be the only solution to the accumulation of public and private debt. Conclusion Let me conclude. Our monetary policy response to the pandemic has removed adverse tail risks, preserved very accommodative financial conditions in all parts of the euro area and leveraged complementarity with other policies.
But the macroeconomic situation remains fragile and uncertain and the projected inflation path is still clearly short of our aim. Our policy must therefore remain forward-looking in terms of how we evaluate and recalibrate the amount of policy support needed, and how we assess and react to the balance of risks. All macroeconomic policies need to consider the horizon of their measures.