All in all, the information available and our current analysis indicate a further alleviation of upside risks to price stability at the policy-relevant medium-term horizon, even though they have not disappeared completely. At this juncture, it is therefore crucial that all parties, including public authorities, price-setters and social partners, fully live up to their responsibilities.
Tiff and I are pleased to be here with you today to discuss the April Monetary Policy Report, which the Bank published this morning.   The profile for global economic growth has improved since the Bank released its January MPR. Europe is expected to emerge slowly from recession in the second half of 2012, although the risks around this outlook remain high.