In my remarks today, I would like to review the economic developments in the euro area, explain our recent monetary policy decisions and reflect on the necessary reforms of Economic and Monetary Union, or EMU. Recent economic developments Economic growth in the euro area remains solid and broad-based, as confirmed by the latest data.
Preliminary figures show that real GDP grew by 0.4% quarter-on-quarter during the second quarter of 2018. In the first half of 2018, growth weakened from its very high rates of last year, partly reflecting lower exports, compounded by temporary supply-side constraints at national and global level. Although growth has slowed earlier than anticipated, we expect the expansion to continue.