In my remarks today I would like to look back on those measures and the effects they have had, but to do so in a broader context – that is, by looking at overall growth trends within the euro area and how monetary policy fits within them.
The main point I would like to make is that the euro area needs a combination of policies for the cyclical recovery we are seeing to become a lasting one: accommodative monetary policy and determined structural reforms need to go hand-in-hand. Potential growth and monetary policy The euro area economy seems now to be turning the corner.