This assessment which is transmitted to the public by the ECB's well-known instruments of communication, and not short-term oriented expectations in financial markets on decisions in the next meeting of the Governing Council, is decisive for the monetary policy stance of the ECB.
Challenges for the euro area In the context of the recent US slowdown, the following question is often raised: Who might take responsibility over from the United States for "global growth"? I would contend that this question is misleading from the outset. Indeed, the US economic policy has, in my view, always been conducted, and rightly so, with a clear focus on domestic objectives.