Confident persistence dating

Now, the global recovery is firming and broadening.A key issue facing policymakers is ensuring that this nascent growth becomes sustainable.Dynamic investment that drives stronger productivity growth is crucial for that – and in turn for the eventual normalisation of monetary policy.

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Employment in the euro area has also risen by more than four million since we announced the expanded APP, comparable with both QE2 and QE3 in the US, and considerably higher than QE1.The past period of low inflation is also perpetuating these dynamics.These effects, however, are on the whole temporary and should not cause inflation to deviate from its trend over the medium term, so long as monetary policy continues to maintain the solid anchoring of inflation expectations.This has created strong downward pressure on financing costs, with rates falling steeply across asset classes, maturities and countries, as well as across different categories of borrowers.Converging financing conditions have in turn fed into rising domestic demand.This is a sign that the recovery may be becoming more sustainable.

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