Dear Colleagues, Ladies and Gentlemen, [Slide #8 Monetary policy at a crossroads] Let me conclude by stressing the relevance of our strategy review for the ECB’s contemporary and future monetary policy. Even though the strategy was worked out during the not-so-distant low-flation era, it has served us well also in the rapidly changing operating environment.
Going forward, we will lean on the revised strategy in order to proceed simultaneously, i.e. in parallel with, both the gradual, orderly normalisation of monetary policy, on one hand, and the necessary measures for containing unwarranted financial fragmentation, on the other.