Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament

Brussels, 25 May 2023

I am pleased to be back before the ECON Committee to present the ECB’s Annual Report for 2022^[1], which we have published today together with our written feedback on the resolution on our activities you adopted earlier this year.^[2]

These documents, as well as today’s hearing, are fundamental for the ECB’s accountability relationship with this Parliament. We greatly value this dialogue with you as it allows us to reach out to the public, which is especially important in times of high inflation.

In my remarks today, I will first focus on the outlook for the economy and the appropriate monetary policy response. I will then discuss the importance of a resilient financial system in supporting the real economy.

The outlook for the economy and the appropriate monetary policy response

The euro area economy grew modestly in early 2023. Activity is…