The last five years have been extremely critical for our own country, Pakistan. The strategy of economic revival that was initiated in December, 1999 has been successfully implemented and its main pillars were achieving macro-economic stability, improve the governance, introduce structural reforms and resume the path to accelerated growth.
This part of my speech is about the future path of the monetary policy in the euro area: Where could it go from here? The ECB Governing Council alone decides what path to take. It goes without saying that this includes the decision on whether and, if so, when it would be appropriate to normalise monetary policy.