by a factor of 14.5) for Western European countries, while the figures for total GDP are even more impressive: an increase from 164 billion (measured in 1990 international dollars) to 6,961 billion (i.e. by a factor of 42.5). BIS central bankers’ speeches  growth rate of total GDP as long as they are not counteracted by increasing rates of net migration.
And it is hard to devise an appropriate response to new developments that is both free of prejudice, open to new developments, and at the same time coherently and systematically designed not to compromise the fundamental principles that need to guide the central bank's policy in the medium run. The ECB has been confronted with these challenges from day one of its debut.