The euro area and other advanced economies continue to face a complex challenge to overcome the legacy effects of the Great Recession. In our case, the challenge of too low inflation has been particularly acute but the use of a vast array of policy measures gives us hope that we achieve our medium-term objective of inflation close to 2%.
The contribution of academic research has been relevant for the design of our policies. This conference is a good example of such contributions and I therefore wish you a very productive discussion. References Akerlof, G.A., W.T. Dickens, and G.L. Perry, (1996), “The Macroeconomics of Low Inflation”, Brookings Papers on Economic Activity, Vol. 27(1), 1–76. Ball, L. and N.G.