Risks to the outlook for price developments are broadly balanced. Our monetary analysis paints a picture consistent with price stability. In particular, the underlying pace of monetary expansion remains subdued. Loan dynamics are also subdued as a result of weak demand for credit but also restrictions on the supply of credit in some euro area countries. BIS central bankers’ speeches  1  2.
Outright monetary transactions (OMTs)  Let me now explain the decision announced by the ECB’s Governing Council in September on outright monetary transactions. The impact on financial and monetary conditions of past reductions in key ECB interest rates differed considerably within the euro area.