1  See, for example, D. Cutler, J. Poterba, L. Sheiner, L. Summers: An aging society: opportunity or challenge? BPEA, 1990, pages 1 – 73. 2  See, for example, B. D. Gerdesmeier: The role of wealth in money demand, Bundesbank Discussion Paper, 1996 and the literature cited there. 3  See L. F. Katz and A.
Overall, the underlying strength in the euro area economy continues to support our confidence that inflation will converge towards our aim over the medium term. Yet, inflation convergence will likely proceed only gradually, and remains contingent on a highly accommodative monetary policy stance. Looking ahead, the evolution of monetary policy will be firmly guided by the outlook for price stability.