The ECB and its functions The primary task of the ECB is to maintain price stability, defined by the Governing Council as an inflation rate of “below, but close to, 2% over the medium term”. Maintaining price stability supports sustainable economic growth and helps to create jobs and improve the living standards of euro area citizens.
The domestic economic recovery has progressed well, supported by greater dynamism across key sectors of the economy. The services sector strengthened further in 2022Q2, underpinned by the buoyancy in tourism, with positive spill over effects to other areas of the economy. Tourist arrivals reached 755,655 during the period January to October 2022.