Finally, I will take a more global perspective and share a few thoughts with you on some of the main risks and challenges ahead of us, namely those stemming from the large global imbalances in trade and finance. And I will highlight a number of policies that can help meet this challenge. II.
The Governing Council also conducted its regular examination of monetary and economic developments and their implications for the maintenance of price stability in the euro area. It decided to leave the minimum bid rate on the main refinancing operations of the Eurosystem unchanged at 4.75%.