Below are the highlights from the keynote speech delivered by Peter Praet, Member of the Executive Board of the ECB, at Banca Naţională a României, Bucharest, 3 July 2018.
- In spite of the recent moderation in economic activity, economic conditions remain favourable.
- The pace of economic growth is expected to stay above potential in the coming years.
- Favourable financing conditions, a robust labour market and steady income and profit growth are expected to continue to support private consumption and investment.
- The risks surrounding the euro area growth outlook remain broadly balanced.
- However, risks related to global factors, including the threat of increased protectionism, have become more prominent.
- Our enhanced forward guidance on the ECB’s policy rates underlines their pivotal role as the main tool for adjusting the monetary policy stance in the future.
- The present configuration of policy instruments will preserve the monetary stimulus that underpins the economic growth momentum in the euro area and the evolution of inflation along a sustained adjustment path.
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