Since July 2012 our overnight rate has been in general lower than that controlled by any other major central bank. We have offered our forward guidance. We have extended the conduct of our main refinancing operations as fixed rate tender procedures full allotment until at least 7 July 2015.
So, after a prolonged period of low inflation, we would expect inflation rates to return back to rates closer to 2%. However, this will take some time given the nature of the shock, namely the unwinding of real and financial imbalances, and the possibly longer than normal transmission lag of monetary policy in such an environment.