At the same time, monetary liquidity is likely to be held more for precautionary reasons rather than for spending purposes. The Governing Council of the ECB is determined to ensure that inflation expectations continue to be firmly anchored in line with our aim of keeping inflation rates below, but close to, 2% over the medium term. II.
Recent measures taken in response to the intensification of the crisis early August  Let me turn to our response to the deterioration in financial markets in the second half of July and early August in the euro area and elsewhere.