The voices of the poor do not of course have the same opportunity of collective articulation, and we therefore have to make the extra effort to listen to this “silent constituency”. In any case, as historical evidence demonstrates, there is really no trade off between price stability and growth in the medium term.
This mainly reflects the ongoing weakness in international trade in an environment of prolonged global uncertainties, which are particularly affecting the euro area manufacturing sector. At the same time, activity levels in the services and construction sectors are resilient and the labour market is still improving.