This is exactly why the monetary pillar of the Eurosystem’s monetary policy strategy is so important, because it sheds some light on the longer-term risks to price stability. But I am well aware that a wait-and-see attitude won’t help us regain room for manoeuvre while inflation is low. It will take something else for that to happen: stronger growth and more resilient economies.
And, of course, no app can solve a persistent gap between living expenses and real wages in some occupations, sectors, or counties. Still, I am cautiously optimistic. Together, we are developing a more holistic understanding of the financial needs of underserved households and small businesses. We are seeing the development of powerful new technologies.