At the same time, the overriding mandate conferred on us by the Treaty to maintain price stability is unambiguous and the ECB remains undeterred in the pursuit of this mandate. In relation to the banking system, it is estimated that the net impact of the APP and PEPP on bank profitability has been overall broadly neutral.
Later in 2013 a gradual recovery should start, as our accommodative monetary policy stance, the significant improvement in financial market confidence and reduced fragmentation work their way through to private domestic expenditure, and a strengthening of foreign demand should support export growth. The risks surrounding the economic outlook for the euro area remain on the downside.