These instruments were complemented by the use of forward guidance, through which we started to communicate our expectations of future policy, along with the conditions that would warrant a change in the policy stance. The economic impact of monetary policy measures Our monetary policy strategy has borne fruit, with 2017 marking the euro area’s fifth consecutive year of positive growth.
Recently, the pace of economic growth has moderated somewhat, which in part relates to temporary factors and possibly some pull-back from last year’s strong growth. In addition, concerns about trade protectionism may have dampened business sentiment and 4/7  BIS central bankers' speeches  expectations. The recent slowdown could also be a sign that supply-side constraints are becoming increasingly binding.