Objectives of monetary policy  One of the themes of the conference was that there is an emerging consensus about the objectives of monetary policy, one that has been reflected in the conduct of monetary policy in many countries for some time and now is finding its way into the rhetoric of policymakers.
While domestic demand in the euro area is rising, it still shows a weakness that relates in part to the fact that the euro area is coming out of a balance sheet recession, where economic activity is constrained by the need for governments, firms and households to deleverage.