Brief

Check against delivery. 1 Words of welcome 2 Economic activity 3 Inflation 4 Monetary policy 4.1 Reducing the balance sheet 4.2 Changes to the operational framework for implementing monetary policy 4.3 Monetary and fiscal policy interactions 5 Concluding remarks 1 Words of welcome Ladies and gentlemen, I hope you have recharged your batteries after the

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Check against delivery. 1 Words of welcome 2 Economic activity 3 Inflation 4 Monetary policy 4.1 Reducing the balance sheet 4.2 Changes to the operational framework for implementing monetary policy 4.3 Monetary and fiscal policy interactions 5 Concluding remarks 1 Words of welcome Ladies and gentlemen, I hope you have recharged your batteries after the

This content is restricted.

German Federal Bank

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