Significant monetary policy stimulus is indeed being provided by our forward guidance on the key ECB interest rates, reinvestments by a sizable stock of acquired assets, and the new series of targeted long-term refinancing operations.
As President Draghi said, the Governing Council stands ready to adjust all of its instruments, as appropriate, so that inflation converges to our aim, which is below but close to 2% in a sustained manner. It is worth noting that our inflation aim does not imply a ceiling at 2%, since inflation can deviate from our target in both directions. 5. Second, the long-term.