Ladies and gentlemen, It is a pleasure to be here this evening and to be able to address this conference. We are meeting against the backdrop of a steadily recovering economic situation in the euro area. Most indicators suggest a sustained recovery is taking hold. Confidence among firms and consumers is rising. Growth forecasts have been revised upwards. And bank lending is improving on both the demand and supply sides. These improvements reflect the coming together of several external and internal factors. First, the terms of trade gains for firms and households arising from falling oil prices. Second, the monetary ... (full story)