In the current environment of elevated uncertainty, the Governing Council will carefully assess all incoming information, including developments in the exchange rate, with regard to its implications for the medium-term inflation outlook.
We continue to stand ready to adjust all of our instruments, as appropriate, to ensure that inflation moves towards our inflation aim in a sustained manner, in line with our commitment to symmetry. Moreover, the ECB’s strategy review, which was delayed because of the pandemic, has resumed recently and will be an important focus for our work over the next year.