I will then briefly update you on our current financial stability assessment, notably considering the impact of the Russia-Ukraine war. Finally, I will discuss the importance of a strong, resilient and well-integrated European financial sector, in particular at the present juncture.
The evolution of the economic outlook and the ECB’s decisions As documented in the Annual Report, in the course of 2021, the euro area economy began to rebound from the pandemic emergency and by the end of the year had moved onto a firmer path of recovery.