Accordingly, we left the key ECB interest rates unchanged at their low levels. While annual inflation rates are likely to fluctuate around 2% over the coming months, a gradual and limited decline should take place later on. We also noted that the economic recovery in the euro area has started and that confidence has strengthened further.
The central banking community needs to understand the implications of these phenomena to growth, employment and inflation dynamics, in order to deliver more effectively what is in their mandate. That’s why we need to systematically assess how these transformations affect monetary policy strategy. Many thanks for your attention, and I am ready to take your questions. 2/2  BIS central bankers' speeches