It is a pleasure to be here today at the European Banking Federation. I will use this opportunity to provide an overview of the economic situation in the euro area and on the current monetary policy stance. Recent economic developments Although the expansion has moderated in the recent quarters, euro area growth continues to be supported by the underlying strength of domestic activity, bolstered by strong labour market dynamics and favourable financing conditions. After the gradual worsening over the past two years, the outlook for global economic activity outside the euro area has been showing some signs of ... (full story)