Winston Churchill once said, “All men make mistakes, but only wise men learn from their mistakes.” So, it is wise to have conferences like this one, where we can continue to reflect on what went wrong. That is why I am pleased to be here; I would like to thank the organizers for the invitation.
There is some indication, then, that the volume of expansionary monetary stimulus could be lowered. The euro area recovery is in considerable part driven by the healthy upswing of the German 1/5  BIS central bankers' speeches  economy, which is ongoing: 2017 was the fourth consecutive year in which GDP growth outpaced potential output.