I appreciate this opportunity to discuss, in this forum, recent developments in the euro area economy and its prospects for the future. Talking about the state of the economy and economic prospects is demanding. Not least, it requires being able to articulate sound forecasts of future developments – which as you all know very well – is a particularly daunting task.
Nevertheless, as central bankers, we are required to be forward-looking and to regularly assess future economic prospects. When making these assessments, however, we are forced to rely on data and information that are available in real time.