To lay the ground for our discussion, I will focus on three topics: the ECB’s monetary policy (even though I will not elaborate on possible upcoming measures as we are in the so-called “quiet” period during which members of the Governing Council are expected to remain silent on this issue), the ECB’s accountability framework and transparency, and the progress towards building a deeper economic and monetary union (EMU).
Economic and monetary developments Let me first turn to economic developments in the euro area. We have seen a weakening in the euro area’s growth momentum over the summer and the euro area economic outlook is surrounded by a number of downside risks. Also, most recent forecasts by private and public sector institutions have been revised downwards.