We can now see that our efforts to bring inflation down have been effectiveWe continue to expect inflation to stabilise at our 2% target in the medium-termWe therefore decided to keep key ECB interest rates unchanged at our monetary policy meeting earlier this monthWe will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stanceOur interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding itWe are not pre-committing to a particular interest rate pathThe ECB pays close attention to households’ inflation perceptionsInflation perceptions matter for three reasonsFirst, perceptions directly influence economic behaviourSecond, perceptions of current inflation shape expectations about future inflationThird, inflation perceptions can influence public trust in institutions - including the ECBFull transcriptThere's nothing in her speech that really stands out from what has already been communicated before this. The ECB remains on the sidelines and are not yet in a position to pre-commit to moving just yet. As things stand, markets are also not pricing in any rate changes by the central bank for the whole of this year. This article was written by Justin Low at investinglive.com.