I hope we have managed this and will not sing the same hymn three times over, but rather perform a “concerto in three movements”. I have selected four key challenges the ECB faces in a medium- to longer-term perspective.
These monetary policy challenges relate to the achievement of objectives in the current circumstances, fiscal developments in several euro area countries, the heterogeneity of the European monetary union and the forthcoming enlargement. I would now like to share some thoughts with you regarding these challenges. 1.