Today we start our first working day of 2022. I would like to begin by expressing my heartfelt gratitude to all of you for so faithfully carrying out your duties throughout the past year under the difficult working conditions during the pandemic. Our economy recovered more rapidly than expected last year amid the ongoing impacts of COVID-19.
Growth in Germany is building off favourable financing terms, rising employment levels and 2 / 10  BIS central bankers' speeches  increasing wages. Fiscal easing this year will add more stimulus still. For labour market developments in particular, the short-term fluctuations in activity are of secondary importance. What this means is that one of the engines of economic growth is still intact.