What it can do is to promote long-term growth by maintaining an environment of price stability - and this is precisely what the ECB is committed to doing. At the present juncture, with the euro area economy operating below capacity, the pace of economic recovery hinges critically on strengthening the confidence of both consumers and producers.
The ECB’s current monetary policy stance - with interest rates at their lowest level in over 50 years - has been, and continues to be, conducive to the expected pick-up in economic activity.