ECB's de Guindos: Absence of clarity on Brexit process contributed to higher policy uncertainty

Below are some key takeaways from introductory remarks by Luis de Guindos, Vice-President of the ECB, delivered at the ECB's Annual Report presentation in Brussels.

• While monetary policy supported domestic demand, the growth momentum moderated in 2018. 
• Measures of underlying inflation remained generally muted throughout 2018, but there was no risk of deflation, and inflation was projected to be on a gradual upward path.
• In the second half of 2018, the pace of the euro area economic expansion started to moderate more strongly than expected.
• The absence of clarity related to the outcome of the Brexit process contributed to higher political and policy uncertainty.
• Measures taken in March signal our determination to provide the accommodation needed to underpin the economic expansion and ensure that inflation remains on a sustained path towards our inflation aim.