. that is easy to say, but devilishly tough to achieve. knowledge sharing is difficult even within a homogeneous organization. sharing information and expertise across separate and independent organizations is even harder. but it is critical if we are to succeed. the rcmp's creation of the strategic priority of economic integrity is a tremendous step towards achieving that goal, for two reasons. first, this initiative is the vehicle by which your internal resources can be mobilized. the imets are an excellent example of this and i'm confident that the icets will be, too. second, this initiative will become the conduit for sharing knowledge, information, and resources with other partners, including the bank of canada. through a well - organized partnership, we can succeed in our goal of enhancing and preserving the economic integrity of our country. on behalf of the bank of canada - and i'm sure that i speak for securities commissions and other market regulators on this - let me say that we appreciate your efforts, and that you have our full and enthusiastic support. conclusion everybody in this room is committed to making canadians secure, in their homes, in their communities, and in their business and working lives. as we do so, it is imperative that we continually remind ourselves that crime extends beyond the physical. economic crime is harder to investigate and to prosecute. but it is every bit as damaging to the well - being of canadians, and it is just as important to fight it with all of our effort. that's why i applaud your decision to make economic integrity a strategic priority. and i renew the bank of canada's commitment to work together with the rcmp and all enforcement agencies to help make the canadian economy a safer place for investors, for businesses, and for all of our fellow citizens.

, is dampening economic sentiment, notably in the manufacturing sector. in this environment, inflationary pressures remain muted and indicators of inflation expectations have declined. therefore, a significant degree of monetary stimulus continues to be necessary to ensure that financial conditions remain very favourable and support the euro area expansion, the ongoing build - up of domestic price pressures and, thus, headline inflation developments over the medium term. let me now explain our assessment in greater detail, starting with the economic analysis. following a rise of 0. 2 % in the fourth quarter of 2018, euro area real gdp increased by 0. 4 %, quarter on quarter, in the first quarter of 2019. incoming economic data and survey information continue to point to somewhat slower growth in the second and third quarters of this year. this mainly reflects the ongoing weakness in international trade in an environment of prolonged global uncertainties, which are particularly affecting the euro area manufacturing sector. at the same time, activity levels in the services and construction sectors are resilient and the labour market is still improving. looking ahead, the euro area expansion will continue to be supported by favourable financing conditions, further employment gains and rising wages, the mildly expansionary euro area fiscal stance and the ongoing – albeit somewhat slower – growth in 1 / 3 bis central bankers'speeches global activity. the risks surrounding the euro area growth outlook remain tilted to the downside, reflecting the prolonged presence of uncertainties, related to geopolitical factors, the rising threat of protectionism, and vulnerabilities in emerging markets. euro area annual hicp inflation increased to 1. 3 % in june 2019, from 1. 2 % in may, as higher hicp inflation excluding food and energy more than offset lower energy price inflation. on the basis of current futures prices for oil, headline inflation is likely to decline over the coming months, before rising again towards the end of the year. looking through the recent volatility due to temporary factors, measures of underlying inflation remain generally muted. indicators of inflation expectations have declined. while labour cost pressures have strengthened and broadened amid high levels of capacity utilisation and tightening labour markets, the passthrough of cost pressures to inflation is taking longer than previously anticipated. over the medium term underlying inflation is expected to increase, supported by our monetary policy measures, the ongoing economic expansion and stronger wage growth. turning to the monetary analysis, broad money ( m3 ) growth stood at 4. 5 % in june 2019, after 4. 8 % in may