However, I personally believe that it cannot be denied that prolonged, large-scale monetary easing is partly acting to restrain the effects of market principles that should have been at work. Going forward, we must consider what is needed to achieve economic growth that is accompanied by continuous wage increases.
For the remainder of my remarks this morning, I would like to focus on three issues pertaining to the ECB’s role and activities in assessing, preventing and managing the risks associated with achieving its primary objective of preserving price stability and fulfilling its responsibility to help safeguarding financial stability.