• Responding to monetary and credit dynamics by assessing risks to price stability implies interest rates decisions will tend to “lean against” accumulating financial imbalances and asset price misalignments
• Bond purchases on the secondary market cannot be used to circumvent budgetary discipline
• We are inflexibly attached to price stability
• Price stability and proper transmission of monetary policy stance were are guiding principles when deciding on recent emergency measures during the renewed tensions in financial markets in early May
• Rates are appropriate, we are sterilising bond market interventions
• Securities markets programme is time bound in nature