The Eurosystem attaches great importance to furthering progress in integration and modernisation by acting as a catalyst for market-led initiatives like STEP, providing central banking services (TARGET2, TARGET2-Securities), providing advice on the legislative and regulatory framework for the European financial system and monitoring progress and raising awareness – not least by hosting this conference.
Consumer prices have increased above the previous year’s level due to the rise in prices of perishables. Excluding this effect, however, consumer prices basically continue to be weak. As for the outlook, the economic deterioration is likely to continue easing mainly due to the increase in public investment.