During the last year, the emergence of external upward price pressures and the upswing of the euro area economy have generated some risks to price stability. In a preemptive manner, the Governing Council of the ECB has tightened monetary policy, thus helping to maintain the favorable conditions for sustained, non-inflationary growth with a positive impact on employment.
From now on, we should refer to the G4, instead of G3. We live in a quadrupolar world, made up of the United States, Europe, Japan and China. Europe is lagging behind the United States and Asia. More growth in Europe would be desirable, also from a global perspective. It would increase the United States ’ export potential.