On the basis of the regular economic and monetary analyses, we have confirmed our assessment of last month. While somewhat stronger inflationary pressure is likely to persist over the short term, the outlook still remains in line with price stability over the medium term. Therefore, the Governing Council decided to retain its monetary policy stance, leaving the key ECB interest rates unchanged. By historical standards, interest rates are low, both in nominal and in real terms, also lending support to economic activity. The Governing Council will remain vigilant with regard to all developments which could affect the risks to price stability over the medium term.