The euro area is facing a complex mix of shocks which are reducing growth and pushing up inflation. In this environment, it is imperative for policymakers, within their respective mandates, to address the risks to the economic outlook.
For our overseas participants, I hope that you will enjoy your stay with us and the fact that you are here during our 31st Independence day celebrations, when we display our rich cultural heritage and diverse traditions makes us very happy to be your host. Thank you. 4  BIS Review 87/2006