the application of the strategy in practice, guiding market expectations. although the strategy is complex, we generally try to end with an overall assessment which summarises the opinion of the council on the future situation. the press conference provides prompt information in an even - handed way, and it offers the opportunity for immediate two - way communication. as far as i am aware, no other central bank regularly communicates with the public in such a prompt and open manner immediately after its monetary policy meetings. we are convinced that this contributes to reducing uncertainty in the markets and thus gives important and clear guidance, also with regard to short - term policy moves. in this respect, one should recognise that the ecb is facing a completely new environment. we do not only have to decide on the single monetary policy for a new monetary area comprising 11 independent countries, but also to communicate with the public and markets of these 11 countries, which were used to quite different monetary policy strategies and communication policies in the past. this diversity of monetary history, communication and culture across the euro area obviously constitutes a great challenge for communicating in a comprehensible and transparent way both with the general public and the markets. obviously, journalists, financial markets and the public are still in the process of learning the new strategy of monetary policy in the euro area and, over time, the eurosystem will further improve its communication. let me finally address the third part of your question : ( “ does more information necessarily mean better guidance? ” ). i am convinced that it is misleading to assume that more information always means better policy and a clearer guidance to the market. what is important is that the information given to the public is clearly structured and understandable, avoids adding uncertainty and is provided in an even - handed way. the eurosystem ’ s monetary policy strategy has been designed with these aims in mind. moreover, as indicated, a high degree of credibility of monetary policy can make a substantial contribution to reducing uncertainty in the markets and is thus a key aim of our policy. what is clearly more important than the amount of information given is that the communication policy, as part of the strategy, is consistent with the structure of the internal decision - making process. i can assure you that this is indeed the case. during the monthly press conferences, i make an introductory statement summarising the governing council ’ s discussions and conclusions before answering questions from journalists. as the statement is agreed, in substance, with all the council members beforehand, it is

a dramatic change seen in the overall numbers yet, the more detailed picture that emerged by summer of this year pointed to an outlook of slowing growth and inflation falling short of our goal. this in turn argued for a somewhat more accommodative monetary policy stance. the combination of muted inflation, slowing global growth, and uncertainties related to trade and other global developments led the fomc to adjust the federal funds rate down by a quarter of a percentage point and conclude the run - off of the fed ’ s balance sheet two months earlier than previously indicated. our policy actions and communications have contributed to an easing of financial conditions that should help sustain the expansion and get us closer to our dual mandate goals. challenges on the horizon when i think about the road ahead, my number one goal is to keep the expansion on track. this is how we will keep unemployment low and bring inflation back to 2 percent. i will be watching closely at how both domestic and broader, global developments unfold. at present, slowing global growth and geopolitical uncertainty pose particular challenges. in its latest world economic outlook report, the international monetary fund downgraded its projection for global growth and highlighted downside risks. 3 slower global growth reduces demand for our exports and puts a dampener on both u. s. inflation and growth prospects. and these aren ’ t just projections for the future — we ’ re seeing manifestations of slowing growth around the world now. germany, the uk, and china are all experiencing slowdowns, and the euro area is of particular concern. in response, the european central bank and several other central banks have either adjusted, or indicated they will adjust 2 / 3 bis central bankers'speeches their monetary policy stance to support their economies. these concerns about global growth are compounded by broader geopolitical uncertainty. the risk of a no - deal brexit for the uk is looming large, the political situation in italy remains fraught, political tensions continue in hong kong, and argentina ’ s economy is coping with a debt crisis. on our own shores, concerns around trade policy with china are adding to an uncertain picture. my contacts in the business community have said this is making them more cautious about investment. the effects of this angst are already showing up in the investment numbers. an additional fly in the ointment, if you will, is the recently released downward revision for gdp growth covering last year and an announced estimate of a sizable downward revision to payroll employment. one implication