in the baseline scenario in cumulative terms. [ 4 ] panetta, f. ( 2020 ), “ the price of uncertainty and uncertainty about prices : monetary policy in the post - covid - 19 economy ”, keynote speech at a capital markets webinar organised by the european investment bank and the european stability mechanism, 1 july. [ 5 ] european instrument for temporary support to mitigate unemployment risks in an emergency ( sure ). related topics coronavirus pandemic emergency purchase programme ( pepp ) monetary policy disclaimer please note that related topic tags are currently available for selected content only. uncertainties economic development euro area european central bank directorate general communications sonnemannstrasse 20, 60314 frankfurt am main, germany tel. : + 49 69 1344 7455, email : media @ ecb. europa. eu website : www. ecb. europa. eu reproduction is permitted provided that the source is acknowledged. media contacts copyright 2020, european central bank

european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank, and mr lucas papademos, vice - president of the european central bank, berlin, 4 may 2005. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to the press conference here in berlin. today is the 11th time that the governing council has met outside frankfurt, and i would like to thank president weber for his invitation and hospitality. let me also express our gratitude to the staff of the deutsche bundesbank for their excellent organisation of today ’ s meeting. let me now report on the outcome of today ’ s meeting, which was also attended by commissioner almunia. on the basis of our regular economic and monetary analyses, we continue to see no significant evidence of a build - up of underlying domestic inflationary pressures in the euro area. accordingly, we have left the key ecb interest rates unchanged. the exceptionally low level of interest rates across the entire maturity spectrum provides considerable support to economic activity in the euro area. at the same time, continued vigilance with regard to upside risks to price stability is warranted. allow me to elaborate on our decision, turning first to the economic analysis. regarding the current situation and the short - term outlook for economic activity, recent data and survey indicators are, on balance, on the downside. some of the downward risks to economic growth identified earlier, in particular those related to persistently high oil prices, appear to have partially materialised over the past few months. at the same time, when looking beyond the short term, conditions remain in place for stronger real gdp growth. on the external side, euro area exports should continue to be supported by foreign demand. on the domestic side, investment should benefit from the very favourable financing conditions, the robust corporate earnings currently being observed and ongoing improvements in corporate efficiency. consumption growth should evolve broadly in line with expected developments in disposable income. downside risks to economic growth continue to be related to oil price developments and global imbalances. turning to price developments, according to eurostat ’ s flash estimate, annual hicp inflation was 2. 1 % in april, unchanged from march. over the coming months, annual hicp inflation rates are likely to remain around these levels. wage increases have remained contained over recent quarters and, in the context of moderate economic growth and weak labour markets, this trend should continue for