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00:00Thank you very much. Good afternoon to all of you. The Vice President and I welcome you to our press conference.
00:08The Governing Council today decided to lower the three key ECB interest rates by 25 basis points,
00:14in particular the decision to lower the deposit facility rate, the rate through which we steer the monetary policy stance,
00:22is based on our updated assessment of the inflation outlook,
00:26the dynamics of underlying inflation and the strength of monetary policy transmission.
00:32The disinflation process is well on track.
00:37Inflation has continued to develop broadly in line with the staff projections
00:44and is set to return to our 2% medium-term target in the course of this year.