consider that the key ecb interest rates are at levels that are making a substantial contribution to the ongoing disinflation process. our future decisions will ensure that our policy rates will stay sufficiently restrictive for as long as necessary. if our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase our confidence that inflation is converging to our target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction. in any event, we will continue to follow a data - dependent and meeting - by - meeting approach to determining the appropriate level and duration of restriction, and we are not precommitting to a particular rate path. in any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation returns to our medium - term target and to preserve the smooth functioning of monetary policy transmission. we are now ready to take your questions. 3 / 3 bis - central bankers'speeches

economy recovers and spending shifts further towards tradables. finally, monetary policy should exert less of a drag on demand over time. 1 / 3 bis - central bankers'speeches the unemployment rate is at its lowest level since the start of the euro. at the same time, the tightness in the labour market continues to gradually decline, with employers posting fewer job vacancies. governments should continue to roll back energy - related support measures so that disinflation can proceed sustainably. implementing the eu's revised economic governance framework fully and without delay will help governments bring down budget deficits and debt ratios on a sustained basis. national fiscal and structural policies should be aimed at making the economy more productive and competitive, which would help to reduce price pressures in the medium term. at the european level, an effective and speedy implementation of the next generation eu programme and a strengthening of the single market would help foster innovation and increase investment in the green and digital transitions. more determined and concrete efforts to complete the banking union and the capital markets union would help mobilise the massive private investment necessary to achieve this, as the governing council stressed in its statement of 7 march 2024. inflation inflation has continued to decline, from an annual rate of 2. 6 per cent in february to 2. 4 per cent in march, according to eurostat's flash estimate. food price inflation dropped to 2. 7 per cent in march, from 3. 9 per cent in february, while energy price inflation stood at - 1. 8 per cent in march, after - 3. 7 per cent in the previous month. goods price inflation fell again in march, to 1. 1 per cent, from 1. 6 per cent in february. however, services price inflation remained high in march, at 4. 0 per cent. most measures of underlying inflation fell further in february, confirming the picture of gradually diminishing price pressures. while domestic inflation remains high, wages and unit profits grew less strongly than anticipated in the last quarter of 2023, but unit labour costs remained high, in part reflecting weak productivity growth. more recent indicators point to further moderation in wage growth. inflation is expected to fluctuate around current levels in the coming months and to then decline to our target next year, owing to weaker growth in labour costs, the unfolding effects of our restrictive monetary policy, and the fading impact of the energy crisis and the pandemic. measures of longer - term inflation expectations remain broadly