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This is by no means the end of our challenges, and a cyclical recovery alone does not solve all of Europe’s problems, it does not eliminate the debt overhang that affects parts of the Union. It does not eliminate the high level of structural unemployment that haunts too many countries. And it does not eliminate the need for perfecting the institutional set-up of our monetary union.
Early next year the Governing Council will reassess the monetary stimulus achieved, the expansion of the balance sheet and the outlook for price developments, should it become necessary to further address risks of too prolonged a period of low inflation ... this would imply altering early next year the size, pace and composition of our measures.
We will continue to meet our responsibility -- we will do what we must to raise inflation and inflation expectations as fast as possible, If on its current trajectory our policy is not effective enough to achieve this ... we would step up the pressure and broaden even more the channels through which we intervene.
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