crisis. there is no silver bullet. those who advocate “ once and for all solutions ” – be that a banking licence for bis central bankers ’ speeches the esm, a european transfer system, or the like – are contenting themselves with a superficial analysis. the crisis can only be resolved through determined steps on a number of fronts that address its root causes. 3. conclusion let me now conclude. the title of this conference is “ transforming uncertainty into stability, wisdom and growth ”. this reminds us that, in all difficult times, there are opportunities. while the situation in the euro area today is certainly challenging, we have in place a plan that is addressing longstanding weaknesses. it will ultimately lead to greater long - term stability. but it is clear we need to improve confidence to smooth the path. this will only come through individual countries taking ownership for their situations, and the euro area as a whole taking responsibility for making emu work. fortunately, this is widely recognised across the union. and now, simply, we have to do it. thank you for your attention. bis central bankers ’ speeches

christine lagarde : european parliament plenary debate on the ecb annual report speech by ms christine lagarde, president of the european central bank, at the plenary session of the european parliament, strasbourg, 26 february 2024. * * * as we approach the end of this legislative term, i wish to sincerely thank this parliament for collaborating in guiding europe through economic headwinds and geopolitical upheavals, always with the shared vision of bolstering prosperity and fortifying our resilience. building on this collaborative spirit, today's debate on your draft resolution on the ecb annual report is a pillar of the ongoing dialogue between our two institutions ; indeed, it is fundamental to the ecb's accountability which ensures the democratic legitimacy of our actions. let me start by outlining the current state of the euro area economy and our monetary policy stance. i will then focus on the need for a common european response to strengthen euro area resilience and competitiveness. bringing inflation back to target in a challenging economic and geopolitical environment the euro area has been facing significant headwinds from a series of sudden and consecutive shocks which pushed inflation very high in the wake of the post - pandemic recovery. having peaked at 10. 6 % in october 2022, inflation has since declined significantly thanks to the unwinding of energy shocks and various supply - side disruptions along with determined policy action. after expanding by 3. 4 % in 2022, euro area economic activity has been weak in 2023, with real gdp growth having stagnated in the final quarter. subdued demand for euro area exports – owing mainly to weaknesses in global trade and earlier losses in competitiveness – and tight financing conditions are weighing on growth. weakness in manufacturing activity has been extending to the services sector since the end of 2023. however, there are increasing signs of a bottoming - out and some forward - looking indicators point to a pick - up later this year. despite the sluggish economy, the labour market has remained resilient. unemployment stood at a historical low of 6. 4 % in december amid robust demand for labour, which is, however, showing some signs of weakening. inflation decreased slightly to 2. 8 % in january. energy prices declined by 6. 1 %, and food inflation, while still elevated, came down further to 5. 6 %, primarily reflecting a lower inflation rate for processed food. 1 / 5 bis - central bankers