I will then briefly discuss how the ECB’s new strategy addresses some of the key points described in your Report, and ensures that our monetary policy strategy is fit for purpose, both today and in the future.
The euro area economy and the ECB’s monetary policy Recent data confirm that quarterly growth slowed to 0.3 per cent in the final quarter of 2021, which still allowed gross domestic product (GDP) to recover to its pre-pandemic level. The moderation in growth momentum has resulted mainly from the rapid spread of the Omicron variant.