Today have been published the minutes of the previous meeting of the ECB in which there was noted an increase of downside risks for inflation in the euro area. These risks are associated with lower commodity prices, the recent strengthening of the euro and weakening economic growth. European regulators need time to assess the market volatility. At the same time it was underlined the uncertainty associated with China. The ECB remains ready to increase incentives in case of a need that will put pressure on quotations of the euro in the medium and long term. Our medium-term outlook for the euro remains negative.