4 In fact, the ability of monetary developments to indicate imbalances in the financial system and the implied potential risks to long-run price stability has recently been stressed in particular by the BIS 5 and is confirmed by recent research at the ECB.
Gross domestic product (GDP) growth in the first half of 2015 is now estimated to have been at an annual rate of 2-1/4 percent, and private forecasters are projecting GDP to continue to rise, at a pace in the neighborhood of 2 percent, in the second half.