Economic and monetary issues Since my previous appearance before the European Parliament in March, incoming information has confirmed our view that economic growth in the euro area continues to expand at a pace significantly stronger than expected a year ago. Regarding price developments, upside risks to price stability prevail over the medium to longer term, as identified by both our economic and monetary analyses.
Thus, in order to ensure that longer-term inflation expectations remain solidly anchored at levels consistent with price stability, on 6 June the Governing Council of the ECB decided to raise the key ECB interest rates by 25 basis points.