The economic environment and outlook Given I have the opportunity to speak to the IIEA and given the timeliness of this speech following the announcement of yesterday’s monetary policy measures, I will begin by focusing on the euro 1/8  BIS central bankers' speeches  area and global economic outlook.
Just yesterday, I returned from a meeting of the Governing Council of the European Central Bank. A key concern of the Council was uncertainty. Specifically, the persistence of uncertainties related to geopolitical factors and the threat of protectionism appear to be leaving marks on economic sentiment. On account of this, the risks surrounding the euro area growth outlook are still tilted to the downside.