Over the past years, central banks across advanced economies have provided unprecedented support to our economies, and the results are being felt. Output has been put back on an upward path. Growth is strengthening. The output gap is gradually closing, as is the case in the euro area, or in some cases it is closed already. Insofar as monetary policy is intended as a macroeconomic stabilisation policy, it is succeeding. But our mandate is not phrased in terms of real growth. It is phrased in terms of price stability. And there, success is not achieved yet. Inflation remains low everywhere, lower than our objectives ... (full story)