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Speech by Luis de Guindos, Vice-President of the ECB, at the 26th Frankfurt Euro Finance Week
Frankfurt, 13 November 2023
It is a pleasure to take part in this year’s edition of the Frankfurt Euro Finance Week. I will begin by providing an overview of the euro area economic outlook that underpinned the Governing Council’s deliberations and the monetary policy decisions we took in October. I will then discuss how we see the risks to financial stability and related macroprudential policy issues.
Euro area economic outlook
When I spoke at this event last year, inflation was at historically high levels, both in the euro area and around the world, and growth was slowing following the post-pandemic rebound. Today, inflation is significantly lower, but it is still expected to stay too high for too long. At the same time, the growth outlook for the euro area economy has deteriorated further, as global growth momentum slows and tighter financing conditions are increasingly weighing on…