ECB's Lagarde says we have not yet precisely defined the notion of “some time”, but I have been very clear that this could mean a period of only a few weeks. After the first rate hike, the normalisation process will be gradual.

• Inflation projections are increasingly pointing towards inflation being on target over the medium term.
• Judging by the incoming data, my expectation is that the (asset purchase programme) should be concluded early in the third quarter.
• It looks increasingly unlikely that the disinflationary dynamics of the past decade will return. As a result, it is appropriate for policy to return to more normal settings

via ECB