The Annual Report describes the tasks and activities of the European System of Central Banks (ESCB) and reports on the Eurosystem’s monetary policy. It is usually published in April of the following year and is presented by one of the ECB’s Executive Board members to the European Parliament at a public hearing. The Annual Report includes the Annual Accounts of the ECB. These are also published as a separate document several weeks before the Annual Report.
The euro area’s gross domestic product grew by 2.5%, the strongest expansion in a decade.
Average headline inflation in the euro area increased, owing largely to rising energy and food prices.
The ECB’s monetary policy continued to support job creation across the euro area.
The ECB is an independent institution which has discretion to use its intruments as necessary to carry out its tasks and fulfil its mandate. Accountability is the necessary counterpart to that independence.