We also reviewed the factors determining the “optimal” rate of inflation, to assess the adequacy of the 2% upper limit in the definition and the appropriate aim of monetary policy. In this assessment we concluded that, on the grounds of both conceptual considerations and practical experience, the ECB’s definition is fully adequate.
This is a momentous occasion for our banking sector that has come together for the first time to showcase what they are doing for the Micro, Small and Medium-sized Enterprises (MSMEs). I am grateful to Your Excellency for gracing this occasion but more importantly for consistently challenging the banking industry on financing MSMEs.