Commitment to rate hikes is data-dependent.

Intend to raise rates by 25 bps in July.

There is an optionality to raise by more in September.

If inflation outlook does not improve, we will have sufficient information to move faster.

Beyond September, a “gradual but sustained” path of further rate increases will be appropriate.

In addressing fragmentation, ECB will use flexibility in reinvesting redemptions coming due under PEPP.

Also decided to accelerate the completion of the design of a new instrument.