The incoming data since the last Governing Council meeting in early September confirm our previous assessment of a protracted weakness in euro area growth dynamics, the persistence of prominent downside risks and muted inflation pressures. At the same time, ongoing employment growth and increasing wages continue to underpin the resilience of the euro area economy.
The Bank will do its utmost to pursue an appropriate monetary policy while closely monitoring the changes in financial markets and their influence on the activities of financial institutions and firms as well as on the economy as a whole. 6  BIS Review 43/2004  We must continue improving the functioning of financial markets and financial institutions.