The logical sequence requires, first, further moves towards European control, which in turn necessitate democratic legitimacy and accountability. BIS central bankers’ speeches  3  I am firmly convinced that all concrete proposals must be informed by these considerations and guided by these principles. Moreover, many important details remain to be clarified.
So I wouldn’t be surprised if, in the end, growth this year would turn out to be somewhat higher. And there is a growing consensus that downside risks to this outlook have receded such that overall risks are now more balanced. Within the ECB’s Governing Council, the improved economic outlook has led to a consensus that price pressures are expected to increase, too.