However, the structure of the euro area economy is largely bank based. Thus our monetary policy strategy must be tailored accordingly, mainly through the provision of credit to the banking system. Third, the specific economic challenges we face differ from those in other parts of the world.
*  *  *  I wish to thank Bartosz Mackowiak and Alexander Popov for their contributions to this speech, and Ignazio Angeloni for his comments. I remain solely responsible for the opinions contained herein. Ladies and gentlemen, I am honoured to be able to speak at the inaugural conference of the Julis-Rabinowitz Centre for Public Policy and Finance.