We, as the ECB, will fulfil our mandate in line with our established strategy for the euro area. BIS central bankers’ speeches  3
Net exports subtracted more than 1/2 percentage point from GDP growth in both 2014 and 2015, while falling non-oil import prices likely subtracted 1/4 percentage point from the annual rate of core inflation.10 Finally, the trajectory of federal government debt relative to GDP and views regarding the debt’s sustainability can also influence the effects of fiscal policy.