The share of exports and imports of goods in terms of GDP within the euro area increased by 6 percentage points between 1998, the year before the adoption of the euro, and 2006, when it amounted to around 32% of GDP.
Indeed, it is essential to ensure that risks to price stability over the medium term do not materialise. This will support the solid anchoring of medium to longer-term inflation expectations in the euro area at levels consistent with price stability. Therefore, looking ahead, acting in a firm and timely manner to ensure price stability in the medium term remains warranted.