The direction of our policy moves is clear.

The pace of the moves depends on the data.

We are data dependent but not data point dependent.

Rate cuts will depend on our overall assessment at each meeting.

Euro area growth is projected to be sluggish.

Growth outlook has deteriorated due to manufacturing sector.

We could be leaving the restrictive territory in the spring of 2025.

The last thing we need now is yet another trade war.

Tariffs impact will be medium-to-long term.

Protectionism, by definition, is inflationary.