In this context the Governing Council of the ECB met this morning and, as you know, decided to reduce the monetary policy rate by 25 basis points and take a series of measures to improve liquidity provision to the banking sector, thereby enhancing the operation of the credit channel.
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.