I am grateful for the opportunity to address you today at this relevant conference on financial stability and macroprudential policy and particularly pleased for doing it at a place I consider my alma mater of central banking. The world economy is going through a period of sustained moderate growth. In particular, the cyclical recovery in the euro area is now stronger and broad-based, driven by a virtuous circle of employment creation and private consumption. All member countries are experiencing economic growth, the significant current account deficits at the beginning of the crisis in various countries have turned ... (full story)