This judgement confirms the ruling of the Court of Justice of the European Union which concluded that the OMT programme is compatible with EU law and falls within our mandate. In my remarks today, I will review the state of the euro area recovery and the recent monetary policy measures adopted by the ECB.
After the GFC, from about 2011 to 2019, we see something different. Inflation first came off the highs of the GFC and then accelerated back up to around 6%. There was some initial recovery in jobs, but as time went on, the  acceleration was increasingly located in the public sector rather than the private sector.