However, if underlying inflationary pressures rise and risks that inflation may not return to its target increase, the NBU could raise the key policy rate. A new detailed macroeconomic forecast will be published in the Inflation Report on 7 February. A summary of the discussion by Monetary Policy Committee members that preceded this decision will be published on 11 February.
It is of utmost importance that these commitments are now implemented strictly and timely. They need to be backed by concrete measures. This applies to both the IMF/EU adjustment programmes and the renewed commitment of all euro area governments to the agreed fiscal targets.