I was asked to focus my address to you on challenges to monetary policy for next year, 2012. I decided to fulfil this request by covering three related areas. First, I will review the current conjuncture and outlook for 2012, as the Governing Council sees it at present.
I will also take the opportunity to recall the fundamental principles that guide our monetary policy in general. Second, I will discuss how we can use separately standard and non-standard monetary policy measures in order to fulfil our price stability mandate in a context of continued high uncertainty as regards economic growth, fiscal sustainability and the stability of the financial sector.