Let me now report on the outcome of today's meeting. As regards economic growth, while some uncertainty has recently arisen concerning the expected strengthening of activity, the economic recovery in the euro area is ongoing. Looking at price developments, high oil prices have had a visible direct impact on inflation rates this year. However, the risk of second-round effects still seems to be contained, and the overall outlook remains consistent with price stability over the medium term. Accordingly, we have left the key ECB interest rates unchanged. This means that the level of interest rates continues to be very low by historical standards, in both nominal and real terms. Strong vigilance is warranted with regard to all developments which could imply risks to price stability over the medium term. I shall now explain our assessment in more detail, turning first to the economic analysis.