This represents a good opportunity to take stock of the progress made over the past few years in strengthening the resilience and stability of the euro area. To introduce the debate, I would first like to review the more recent ECB’s monetary policy decisions.
I will then address institutional matters of particular interest to your house as well as the progress made so far in reinforcing EMU governance. I will thereby address most of the issues which the ECON Committee highlighted in its draft resolution on the ECB Annual Report. ECB’s monetary policy Let me begin by describing the economic environment of the past years.