This gives me an opportunity to address a group whose general mission is not too far from what we at BSP pursue—to help uplift the people’s economic well-being through the professional and ethical practice of fund management.
Monetary policy can be a powerful tool to maintain price stability if the shocks hitting the economy are from the demand side. During the past few years, the euro area has been hit by a series of shocks. The Governing Council has determined that the shocks, especially for the euro area, have predominantly come from the supply side of the economy.