The euro area today is a zone of monetary stability, and interest rates are at levels last seen more the five decades ago. All of this provides very favourable conditions for economic growth. That these conditions have, unfortunately, not proved sufficient to support a high rate of sustainable growth is due to the constraining influence of other, non-monetary, factors.
It was not part of the plan. But we are dealing with it. Because like Schuman’s Europe, monetary policy and a stable financial system will not be made according to a single plan either. They will be made step by step. One concrete achievement after the other.