And you don’t need to be a “nattering nabob of negativism” to fear that there may be political pressure on the ECB’s Governing Council to postpone any normalisation of monetary policy out of concern for public finances. On top of that, maintaining an ultra-accommodative monetary policy stance for any length of time poses risks for financial stability.
This forum provides an excellent occasion to reflect on the achievements made, the challenges that remain, and the opportunities that lie ahead in actualizing this promise. My focus today will be to highlight the role that innovation and related policies play in establishing financially inclusive ecosystems that do not marginalize people on the basis of income or geographical location.