• Price developments to remain moderate
  • Q3 data better than expected
  • Expect Euro area to grow at a moderate, uneven pace
  • Inflation expectations firmly anchored
  • Monetary policy will do all that is needed to maintain price stability over the medium-term
  • Non-standard measures are consistent with their mandate and are temporary
  • Will monitor all developments very closely
  • Balance sheet adjustment will dampen activity (too much debt)