Working on the basis of such dual approach is particularly appropriate in the current world of significant uncertainties, which requires a steady but creative hand from the makers of monetary policy. From this point of departure, today, let me focus on the challenges of monetary policy normalisation and framework over the medium term. The ECB monetary policy and gradualism Slide 2.
Euro area GDP in 2008-2020  1/6  BIS central bankers' speeches  Despite some moderation following the strong growth performance in 2017, the euro area economy continues to expand at a rate estimated to be higher than its long-run potential growth rate.