We welcome the new € billion EU recovery instrument which consists of € billion in grants and € billion in loans to Member States. The sharp contraction in economic activity is also reflected in the inflation slowdown. Headline inflation decreased further to 0.1 percent in May, from 0.3 percent in April, mainly on account of the continued fall in energy prices.
We decided that our mission as a central bank and as a financial supervisor should focus more on our contribution to sustainable prosperity and hence, sustainable finance. We decided that we would choose to emphasise the long term instead of the short term. To look beyond financial welfare to well-being, to look beyond mere economic growth to inclusive, sustainable growth.