We noted that the information which has become available in recent months indicates that the economic recovery in the euro area has maintained its momentum and should remain firm in the coming quarters. We have also witnessed somewhat higher inflation rates, mainly due to developments in oil prices. At present, our judgement is that although some upside risks to price stability exist, the overall prospects remain in line with price stability over the medium term. Accordingly, we have retained our monetary policy stance and left the key ECB interest rates unchanged. The level of interest rates is very low by historical standards, both in nominal and in real terms, lending support to economic activity. We will remain vigilant with regard to all developments which could imply risks to price stability over the medium term.