Consumption as measured by the consumption activity index is still below the level in 2013; that is, before the spike in demand due to the frontloading of purchases prior to the consumption tax hike. However, it is true that consumption generally has been recovering.
*  *  *  I thank Mark Cassidy, Helen Daly, John Flynn, Geraldine Hannon, Aoife Langford, Gareth Murphy, Micheal O’Keeffe, Ray O’Connell, James O’Sullivan, Terry Quinn and Adrian Varley for their inputs into this speech. The views expressed in this speech are personal and do not represent the views of the Governing Council or the Eurosystem.