weekly economic - related columns in the press, the educational classes, the public lectures, the professional assistance to the public and other similar. these are normal activities of the academia and the educational institutions in a developed world, since their primary purpose is to create public goods for the society. social return or the social impact have now become an ever - increasingly important objective for profit - seeking financial institutions, while in our economy education is only limited to the strict and traditional classroom teaching. analyses and comments almost always approach the criticism, and very rarely – not to say hardly ever – they approach explaining and interpreting a certain economic phenomenon. against this backdrop, responsible finance goes beyond the financial system ’ s boundaries ; it stretches to all the players that can and it is their responsibility to guarantee it in all possible ways. i invite all the interested players to co - operate in order to guarantee financial responsibility, providing an active contribution according to their role in economy.

1. 7 % in 2016 and 1. 8 % in 2017. again compared with the projections in june, the outlook for real gdp growth has been revised downwards. this is due primarily to lower external demand owing to weaker growth in the emerging markets. the risks to this outlook are tilted to the downside, reflecting in particular the increased uncertainties related to the external environment. notably, current developments in emerging market economies have the potential to further affect global growth adversely via trade and confidence effects. before addressing the second part of my remarks, let me revert to the evolution of the output gap, i. e. the difference between actual and potential output. the negative output gap is expected to narrow gradually over the projection horizon, which is encouraging news. ecb staff macroeconomic projections for the euro area, september 2015. eurosystem staff macroeconomic projections for the euro area, june 2015. bis central bankers ’ speeches however, it is also necessary to stress that while the output gap is narrowing, it is occurring against a background of weak potential output growth, which is estimated to be around 1 % over the projection horizon. this is below its pre - crisis level. in noting this, we should, moreover, not overlook the fact that since the late 1990s the euro area experienced a steady decline of potential output growth : from about 2 % in 2000, it declined continuously to about 1. 5 % before the crisis. there is indeed a problem in long - term growth dynamics. this problem is not new but has deepened over time. with this in mind, let us consider very briefly fiscal and monetary policy before focusing later on structural reforms. starting with fiscal policy, it should support the economic recovery, particularly through growth - enhancing public investment, material and immaterial, while remaining fully compliant with the stability and growth pact. a full and consistent implementation of the pact is crucial to maintain confidence in the euro area ’ s framework. this, in turn, would have positive implications for future growth prospects, which should help ensure debt sustainability and be conductive to future fiscal space. with regard to monetary policy, which has to be focused on the primary objective of maintaining price stability over the medium term, its highly accommodative stance has contributed and continues to contribute to support economic activity and investment, narrow the negative output gap and foster economic growth. let us also bear in mind the important fact that price stability, as well as financial stability, is a conditio sine qua non