We have now benefited from 18 uninterrupted quarters of economic growth, with indicators pointing to continued robust growth. The unemployment gap – an established measure of labour market slack – is now closed, and employment has reached its highest ever level in the euro area. In short, our monetary policy has successfully stimulated demand and returned slack resources into productive use.
We must in addition actively propose effective and feasible policy options, through practical application of our research capacities, so as to ensure that the government’s policies can better lead the development of our nation’s economy. We will have to devote even greater attention to financial stability.