Under these conditions, the Governing Council of the ECB, at its meeting of 7 April 2011, decided to increase the key ECB interest rates by 25 basis points, after maintaining them unchanged for almost two years at historically low levels. This step was warranted to adjust the very accommodative monetary policy stance in the light of upside risks to price stability.
The policies that are being put in place to build resilience and stability into the system, while they may appear impacting the growth in the short term, are certainly going to have a positive effect on the growth prospects in the medium to long term.