This represents a good opportunity to take stock of the progress made over the past few years in strengthening the resilience and stability of the euro area. To introduce the debate, I would first like to review the more recent ECB’s monetary policy decisions.
To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for further monetary stimulus in order to secure a return of inflation rates towards levels that are below, but close to, 2%. Monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity.