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Q: (From MNI's Luke Heighton). Could you provide a summary of the arguments made by those that did not support the calibration of today's decision. The second question requires clarification of the 'medium term'.
- A: You would be better off asking them. Our strategy, which is our framework, has been adopted unanimously. All members of the GC agreed that the forward guidance had to be revisited. The calibration is a practical issue of a general principle. The number of dissenters was relatively small.
- The projection horizon is three years. The medium-term horizon is probably a little beyond that. It helps us take into account other matters that have nothing to do with inflation but have to do with employment, climate change etc. - i.e. factors that the ECB has to take into account but may not factor into the inflation forecast.