1/4  BIS central bankers' speeches  However, against the backdrop of a decline in the pace of the euro area expansion and the prolonged presence of uncertainties, the ECB’s Governing Council in June took a number of policy decisions to ensure that inflation remains on a sustained path towards levels that are consistent with our inflation aim – a rate of inflation which is below, but close to, 2% over the medium term.
Congress has given us an important degree of independence to pursue these goals based solely on data and objective analysis. This independence brings with it an obligation to explain clearly how we pursue our goals. Today I will review the current economic situation before turning to monetary policy.