would not only increase the euro area ’ s growth potential and enhance its ability to better withstand external shocks, but it would also eliminate a great deal of the uncertainty currently clouding long - term planning and prospects. in the current situation, characterised by subdued economic growth and low confidence, structural reform and a steady and reliable course of fiscal policy, in line with the european fiscal framework, are of the highest priority. we are now at your disposal for questions.

, a faster pace of rate adjustment may be warranted ; in the other direction, if the incoming data indicate slower - than - expected disinflation or a faster pace of economic recovery, then a slower pace of rate adjustment may be warranted. these considerations reinforce the value of a meeting - by - meeting and data - dependent approach that maintains two - way optionality and flexibility for future rate decisions. the 2025 assessment of monetary policy strategy an important element of the 2021 monetary policy strategy review was the commitment to assess periodically the appropriateness of the monetary policy strategy and it was flagged that the next assessment would take place in 2025. as indicated by president lagarde at the july press conference, the preparatory work by the eurosystem staff for this assessment has now started and the governing council expects to conclude this assessment in the second half of 2025. the 2021 strategy review followed an eighteen year gap since the 2003 strategy review and was naturally a very thorough exercise. the 2021 review has served us well and important elements do not require any re - assessment. in particular, we will maintain the symmetric, medium - term oriented two per cent inflation target, which has been 2 / 3 bis - central bankers'speeches essential in re - anchoring inflation expectations coming out of the low - inflation period and in keeping inflation expectations well anchored at target during the inflation surge period. our 2025 assessment will consist of two broad strands : economic developments since the pandemic ; and the implications for monetary policy. we will assess the cyclical and structural factors shaping the inflation and economic environment in the light of the recent inflation experience, analyse the likely evolution of those factors over the years ahead and examine the implications for the inflation challenges that may confront the ecb. as part of this analysis, we will also look at the possible enhancements of the existing analytical toolkit, including forecasting techniques. we also assess the implications of the changed inflation environment for the monetary policy strategy. this will include reviewing the lessons learned from the low and high inflation periods and our experiences with the evolving roles of the instruments in the policy toolkit over the monetary policy cycle. we will furthermore examine the operationalisation of the medium - term orientation of the monetary policy strategy, with a focus on the ecb's reaction function to both upside and downside threats to the anchoring of inflation expectations to the target. this will includes the analysis of how risk and uncertainty should inform both policy decisions and policy communication. 1