Things are clearly moving in the right direction in the euro area: the recovery is on track, growth is higher and inflation is picking up. 2016 is ending on a positive note. At the same time, however, the inflation rate remains well below 2% and core inflation... …in other words, excluding energy and food… ...continues to be very subdued.
Let me conclude with the hope that this Congress will build on the experience of the last few years, including the experience with FDICIA, and take the next steps toward creating a structural and regulatory framework appropriate to the 21st century. BIS Review 1/1997