I will start by discussing our contribution to supporting the recovery and will then lay out why the monetary policy decisions taken in December were the right ones in the current economic context. As you have requested, I will also discuss risks to financial stability, which we are constantly monitoring.
Supporting the recovery: the Governing Council’s decisions in December Our monetary policy has been a key contributor to the positive economic developments I have described. Our measures have worked through the financial system and are benefiting the real economy at large by ensuring very favourable financing conditions.