The environment of low interest rates and low inflation forces us to constantly review and upgrade our analytical toolkit to ensure we take the best possible decisions in our pursuit of price stability.2 See also Draghi, M. (2017), “The interdependence of research and policymaking”, speech at the Lindau Nobel Laureate Meeting, Lindau, Germany, 23 August.
Unofficial euroisation as a policy challenge Let me therefore spend a few minutes on the one recommendation that is specific to candidate and potential candidate countries, albeit not uniformly to all, namely that the use of local currencies be strengthened. As you know, the high degree of unofficial euroisation is a striking feature of the banking systems in the Western Balkans.