Nevertheless, monetary policy will continue to provide some stimulus, as has been confirmed several times by our forward guidance and by the recent statement by the ECB’s Governing Council that it was unanimous in its “commitment to using also unconventional instruments within our mandate to cope effectively with risks of a too prolonged period of low inflation”.
This competition was very creative, had a lot of good essays and the commission had a lot of hard work in selecting the winner. I can say that there were no losers in this competition. All the essays were very good and I have the honor of today awarding the most distinguished awards.