Last November, for example, we did not wait. We saw that the inflation path was lower and we acted and, as a result of it, the credibility of our forward guidance became stronger. What we do not see, frankly, is deflation. Inflation expectations are firmly anchored in the medium term. Why are low prices a risk if inflation expectations are so well anchored?
We have faced unprecedented challenges to achieve an extremely difficult balance between different objectives: maintaining the continuity  1  of central banks' operations, prioritizing the health of the staff, and making sure that central banks are able to fully perform their functions and attain their objectives and purposes.