And perhaps even more importantly, would our credibility be preserved if we are given a narrow mandate but cannot deliver it? Second, in economic terms, a too prolonged period of low inflation can negatively affect both consumption and investment.
Having joined the ECB only recently, I read the draft resolution with particular interest. What struck me in particular was our shared assessment of many of the challenges facing the ECB and the euro area. Indeed, the universal nature of these challenges underscores the need for our continued dialogue.