In all advanced economies, this called for a new paradigm for central banking, which comprised two elements: the determination to fight deflation as strongly as inflation, and flexibility in the choice of instruments to do so. In our case, the ECB has proven that it will not accept threats to monetary stability caused by unfounded fears about the future of the euro.
Meanwhile, in the region and domestically, prospects for growth and transformation continue to be adversely affected by both the inadequate pace and lack of traction of structural and policy reforms. Distinguished Members of the Media, you will note that the combination of international developments and the domestic context affect the immediate as well as the medium- to long-term outcomes.