In my speech today, I will take the opportunity to discuss how the European Central Bank (ECB) has responded to the adverse effects of the financial crisis since 2007 and how this has not only prevented worse outcomes but has also contributed in the current environment to setting the stage for a sound recovery in Europe.
Indeed, also on the basis of low interest rates all along the money market yield curve, providing attractive financing conditions, the economy is expanding and we see a positive growth outlook. I will also outline which policies – in my view – are needed for the recovery to be sustainable with the prospect of long term growth.