In the euro area, the coincidence of a protracted period of low inflation, sluggish potential growth and highly accommodative financial conditions raises important questions as to how the Governing Council should interpret its mandate and how it should conduct and communicate its operations in a way that credibly conveys its strong commitment to achieving price stability while minimising any adverse consequences of its policies for society.
These questions form important elements of our monetary policy strategy review. The outcome will be a framework that reflects our understanding of how the economy has changed since we conducted our last strategy review and ensures that monetary policy will continue to faithfully serve the people of Europe. Thank you.