Price stability in the understanding of the ECB is an inflation rate below but close to 2 percent in the medium term. Since its inception almost 13 years ago, the euro area has experienced an unprecedented level of price stability: 2.0 percent average annual inflation. In the US, during the same period of time, the annual inflation averaged at around 2.5 percent.
Sabine Mauderer: Getting the full picture - the road ahead for climate stress testing Speech (virtual event) by Dr Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank, at the 2023 European Banking Authority workshop on climate risk stress testing, 8 February 2023. ***  1. Introduction Ladies and gentlemen, How does climate change affect the economy?