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A slowing in the pace of growth is a natural part of China’s development and a rising standard of living. The size of the country and the decline in the size of the working-age population, by themselves, place limits on growth.

A slower recovery in the euro area would present new challenges for monetary policy. The ECB Governing Council monitors all incoming information. The asset purchase programme provides sufficient flexibility in terms of adjusting the size and duration of the programme. The package of articles on monetary policy and the international economic forecast will be published in English on 2 October 2015.