The ECB has consistently fulfilled its mandate to keep inflation below, but close to, 2% over the medium term. As a result, the ECB has safeguarded the purchasing power of all euro area citizens. Right now, the euro area is experiencing a prolonged period of low growth and very weak inflation. An increase in central bank liquidity is therefore not likely to result in high rates of inflation. Once inflation picks up, the ECB will tighten monetary policy to contain inflationary pressures and preserve price stability. In a nutshell, the ECB has the mandate and the instruments to cope with inflationary risks as soon as they might emerge in the future – and a very strong track record of doing so in the past.