Based on our regular economic and monetary analysis, we decided to keep the key ECB interest rates unchanged. We continue to expect them to remain at their present levels, at least through to the end of 2019. And in any case, for as long as necessary to ensure the continued, sustained convergence of inflation to levels that are below, but close to 2 per cent over the medium term.
The governing council stands ready to adjust all of its instruments as appropriate to ensure that inflation continues to move towards the governing council's inflation aim in a sustained manner.
The information that has become available since our last governing council meeting in early March confirms lower growth momentum, extending into the current year.
The persistence of uncertainties related to geopolitical factors, the threat of protectionism, and vulnerabilities in emerging markets are leaving marks on economic sentiment.