As we are continuing with the normalisation of our monetary policy and approaching the first rise in the ECB interest rates since 2011, I will devote an important part of my speech today to policy making, in particular to monetary policy decisions and monetary-fiscal interaction. As these depend on economic and financial developments and outlook, let me start by outlining the recent economic situation.
Aviation manufacturing has been hit hard by the downturn and by the uncertainty over the recovery in air travel. Agriculture continues to face challenges but is faring somewhat better than many sectors of the economy. Ag producers are still facing tough financial conditions, including the low commodity price environment.