Such factors tend to outweigh the effects not only of the macroeconomic setting, for example, but also of the costs caused by regulation. All in all, the large number of regulatory proposals, as well as their complexity and the rather unfinished nature of some initiatives, make it difficult to assess the overall picture.
In introducing our discussion, I will touch upon our monetary policy decisions over the past year and their contribution to the ECB’s primary objective of maintaining price stability – a precondition for sustainable growth and job creation. That objective – which serves as a performance benchmark – supports both our independence and the accountability of our actions.