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Reflections on monetary policy in the euro area

ECB, (2018), “Reflections on monetary policy in the euro area”, 27 April

  • While the recent flow of data points towards some moderation in the on-going economic expansion, growth is still expected to remain solid and broad based.
  • Monetary policy measures introduced since 2014 have been instrumental in supporting euro area growth and employment.
  • Underlying inflation continues to be subdued and have yet to show convincing signs of a sustained upward trend. At the same time, wages continue to edge higher and should contribute to price pressures.
  • Overall, the underlying strength in the euro area economy continues to support our confidence that inflation will converge towards our aim over the medium term. Yet, inflation convergence will likely proceed only gradually, and remains contingent on a highly accommodative monetary policy stance.

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