We therefore continue to stand ready to adjust all of our instruments, as appropriate, to ensure that inflation 2/4  BIS central bankers' speeches  moves towards our aim in a sustained manner, in line with our commitment to symmetry. Let me now explain our assessment in greater detail, starting with the economic analysis.
Following a sharp contraction in the first half of 2020, euro area real GDP rebounded strongly and rose by 12.5 per cent, quarter on quarter, in the third quarter, although remaining well below prepandemic levels.