It is therefore necessary to monitor competitiveness even more closely than before through indicators such as unit production costs and the tax and regulatory framework. The close multilateral surveillance and the frank discussions provided in the context, inter alia, of the Eurogroup, will help monitor competitiveness trends with a view to ensure early warnings and appropriate reactions. Let me address, in conclusion, two questions: the issue of sustainable growth and the present diagnosis of the Eurosystem as regards the balance of risks. Growth: Central bankers are sometimes portrayed as being excessively cautious and reserved with respect to economic growth. On the contrary, we are very much in favour of growth. First and foremost, because the objective of monetary policy—price stability—is a necessary condition for longst term, robust growth. At the press conference following the ECB Governing Council on 1 February, Wim DUISENBERG said very clearly on behalf of all of us that "within the euro area, the maintenance of price stability over the medium term (…) will provide an important contribution to the achievement of sustained non-inflationary economic growth and will also support a further solid and sustainable expansion of the world economy ”. Not only are we aiming at sustainable non-inflationary steady growth through our action but also via all our recommendations : we are resolutely anti-Malthusian in all fields of the economy, that is we support innovation, liberalisation and growth incentives. We are anti-Malthusian as regards scientific and technical progress.
Mario Draghi: ECB press conference – introductory statement Introductory statement by Mr Mario Draghi, President of the European Central Bank, Nicosia, 5 March 2015. *  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference, here, in Nicosia. I would like to thank Governor Georghadji for her kind hospitality and to express our special gratitude to her staff for the excellent organisation of today’s meeting of the Governing Council. Based on our regular economic and monetary analyses, and in line with our forward guidance, we decided to keep the key ECB interest rates unchanged. As regards nonstandard monetary policy measures, the focus is now on implementation. Following up on our decisions of 22 January 2015, we will, on 9 March 2015, start purchasing euro-denominated public sector securities in the secondary market. We will also continue purchasing asset-backed securities and covered bonds, which we started last year. As previously stated, the combined monthly purchases of public and private sector securities will amount to € billion. They are intended to be carried out until the end of September 2016 and will, in any case, be conducted until we see a sustained adjustment in the path of inflation which is consistent with our aim of achieving inflation rates below, but close to, 2% over the medium term. Further information on certain implementation aspects of the public sector purchase programme will be released at 3.30 p.m. CET on the ECB’s website.