, to push for european responses within the cmu and banking union agendas and to go beyond tendencies to retrench behind national borders. deep european capital markets are crucial to enhancing innovation and growth and to strengthening the cross - border dimension of investments in the eu. [ 1 ] banjerjee, r., kearns, j. and lombardi, m. ( 2015 ), “ ( why ) is investment weak? ”, quarterly review, bank for international settlements, march. [ 2 ] working group on econometric modelling ( 2018 ), “ business investment in eu countries ”, occasional paper series, no 215, ecb, october. [ 3 ] consolo, a., langiulli, m. and sondermann, d. ( 2018 ), “ business investment in euro area countries : the role of institutions and debt overhang ”, applied economics letters, vol. 26, no 7, pp. 561 - 575, july. [ 4 ] wamser, g. ( 2008 ), “ foreign ( in ) direct investment and corporate taxation ”, discussion paper series 1 : economic studies, no 15, deutsche bundesbank. [ 5 ] carney, m. ( 2017 ), panel remarks at the ecb forum on central banking, june. [ 6 ] de guindos, l. ( 2018 ), “ investment, technological transformation and skills ”, speech at the joint eib - ecb conference on investment, technological transformation and skills, luxembourg, 28 november. [ 7 ] dottling, r., gutierrez, g. and philippon, t. ( 2017 ), “ is there an investment gap in advanced economies? if so, why? ”, paper delivered at the ecb forum on central banking, sintra. [ 8 ] see busetti, f., giordano, c. and zevi, g. ( 2016 ), op. cit. [ 9 ] see the banque de france ’ s long - term productivity database. [ 10 ] criscuolo, c., n. gal, p. and menon, c. ( 2017 ), “ do micro start - ups fuel job creation? cross - country evidence from the dynemp express database ”, small business economics, vol. 48, no 2, pp. 393 - 412, february. [ 11 ] gordon, r. ( 2012 ), “ is u. s. economic growth

##tik im eurogebiet gegeben. diese erklarung beruhrt inhaltlich viele punkte der vorliegenden sechs gesetzesvorschlage. besser noch als diese erklarung parallel stehen zu lassen, ware es, ihre kernpunkte in das gegenwartige gesetzgebungsverfahren einzubringen. dies wurde der absichtserklarung ihre volle glaubwurdigkeit zukommen lassen. i. economic and monetary developments let me turn to the euro area economic and monetary developments since our previous meeting last november. i will concentrate on the analysis of the governing council on the occasion of its meeting of 3 march. incoming data have confirmed our view that the underlying momentum of economic activity remains positive. looking ahead, we expect the economy to further benefit from the ongoing eurobarometer vol. 74 on economic governance in the european union ( published 12 january 2011 ). it shows that on average ( unweighted ) close to 80 % of respondents in euro countries consider “ a stronger coordination of economic and financial policies between member states to be effective in combating the financial crisis. ” bis central bankers ’ speeches recovery in the world economy, the very accommodative monetary policy stance and the measures adopted to improve the functioning of the financial system. as regards price developments, inflation in the euro area is on the rise. in february hicp inflation stood at 2. 4 %, after 2. 3 % in january. this increase largely reflects higher commodity prices. in particular, sharp increases in energy prices have led to upward price pressures in the earlier stages of the production process. it is crucial at this stage to avoid that the recent rise in inflation translates into broad - based second - round effects, for instance via price - setting or higher wages. such effects would give rise to broad - based inflationary pressures over the medium term. in the view of the governing council, as expressed on 3 march, risks to the price outlook are on the upside. commodity prices could increase more than expected. also, indirect taxes and administered prices could turn out higher given the need for fiscal consolidation in the coming years. finally, the ongoing recovery in activity could result in stronger than expected domestic price pressures. as regards our future monetary policy stance, i have nothing to add to what i said, on