But, as the effect of the recent easing takes hold, as fiscal stimulus complements monetary stimulus, as energy prices perhaps decline a bit, and as the still-rapid pace of innovation rekindles the appetite for new capital goods, growth should gradually recover, and the economy should gradually return toward trend growth.
Policy decisions will continue to be firmly guided by the outlook for price stability for the euro area as a whole and not for any individual country. The ECB remains committed to its price stability mandate, but other actors need to do their part to boost the resilience of the euro area and individual economies.