In evaluating the stance and the prospects of the ECB's monetary policy, two aspects above all have to be held in mind. First, the ECB's mandate puts the objective of aiming at price stability first and all other goals second. Second, we should always bear in mind the time horizon of monetary policy: since monetary policy transmits to consumer prices with a lag of one to two years it is important for policymakers to give priority to the medium-to long-term perspective over short-run