peter praet : economic developments in the euro area speech by mr peter praet, member of the executive board of the european central bank, at the swiss financial analysts association ( sfaa ), geneva, 7 may 2018. * * * accompanying slides of this speech. i would like to thank john hutchinson for his support in preparing this speech. after several quarters of higher than expected growth, the latest euro area data point towards some moderation, but remain consistent with a solid and broad - based economic expansion. i would like to thank john hutchinson for his support in preparing this speech. monetary policy measures introduced since 2014 have been central in supporting euro area growth and paving the way for a return of euro area inflation to a rate below, but close to, 2 % over the medium term. inflation developments, however, remain subdued. overall, an ample degree of monetary stimulus remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium term. real gdp in the euro area has expanded for 20 consecutive quarters, growing by 0. 4 % quarter on quarter during the first quarter of 2018, according to preliminary data. while the pace of economic expansion has moderated compared with the previous quarters, the underlying strength of the euro area economy is expected to persist. the moderation in the pace of economic growth indicated by the flow of recent economic data and survey results in part reflects some pull - back from the strong growth of last year and may also be due to some temporary factors. we will need to monitor whether, and if so to what extent, these developments also reflect a more durable softening in demand. the composite output purchasing managers ’ index – which is closely correlated with growth in the euro area – still remains above its long - term average and is close to a 12 - year high. while risks to growth remain broadly balanced, those related to global factors, including the threat of increased protectionism, have become more prominent. a deceleration from the exceptionally high growth rates observed in the second half of 2017 had been expected. however, the slowdown has come sooner than anticipated. the downward surprise in incoming information has been broad - based, as it can be observed in both hard data and survey indicators across most sectors and countries. transitory factors are likely to have played a role in the overall slowdown in recent economic indicators. these exceptional factors include the cold weather conditions, influenza, the timing of easter and school holidays, and industrial strikes in some countries

connecticut as compared with the nation. connecticut home prices grew less than the nation during the housing boom and subsequently declined less during the housing downturn ( chart 7 ). as a this number is the reported number of newly initiated foreclosures ( 383, 000 ) adjusted to reflect the coverage of the survey ( 64 percent of the total market ). bis central bankers ’ speeches result, the cumulative change in connecticut house prices since january 2000 is now very similar to the nation as a whole. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches