The fastest stage of growth in the euro area looks to have passed, but momentum remains strong. Uncertainty is being fuelled by protectionism and Italy’s domestic economic policy.

In times of uncertainty, prudence is justified in the normalisation of monetary policy.

Open and transparent communication is a win-win situation for monetary policy. It helps the private sector make better economic decisions and allows the central bank to achieve its price stability objective more efficiently.

Finland’s public finances have gathered strength; the general government deficit has shrunk and the ratio of public debt to GDP has begun to contract. Yet determined efforts are still required to address the challenges to fiscal sustainability in the long term.

Digitalisation is currently the most significant force transforming banking as well as the entire financial industry at large.

The favourable outlook for the global economy is overshadowed by the threat of protectionism. In the euro area growth has picked up. Some of this acceleration is on a sustainable basis, but long-term growth is likely to remain slower than pre-crisis growth.

Euro area inflation remains subdued, but confidence in inflation converging towards the ECB's objective has strengthened. Owing to these uncertainties, the conduct of monetary policy in the euro area rests on patience, persistence and prudence.

The euro area economy is growing, supported by monetary policy. Confidence in the economy is strong, and investment and employment are both growing. On the other hand, there still remain problems from the financial and debt crises, and the pace of structural reform has slowed.