On the basis of our economic and monetary analysis, we have concluded that there are no fundamental changes to the medium-term outlook for price stability. Accordingly, the current stance of monetary policy remains appropriate and the key ECB interest rates have been kept unchanged at their low levels. Inflationary risks should be contained by somewhat more favourable import price developments, while the economic recovery in the euro area should proceed in line with our expectations. We will continue to monitor carefully all developments that could affect our assessment of risks to price stability over the medium term. With regard to exchange rates, we again particularly stress stability and remain concerned about excessive exchange rate moves.