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We have set out three conditions that must be in place for our net asset purchases to end. We need to see the convergence of inflation towards our aim over the medium term; we need to have sufficient confidence that this convergence will be realised; and the inflation path needs to show resilience and be self-sustaining without additional net purchases.

Croatia had another successful year in macroeconomic terms, despite a number of challenges along the way. The domestic economy continued to grow propped up by expanding personal consumption and favourable exports performance. Positive trends also continued in the labour market, with declining unemployment, while inflation returned to positive territory. The current account remained in surplus, supported by growing exports, while external vulnerability indicators have continued improving. Fiscal policy commitment to a balanced budget ensured the continued decrease in public debt. Expansionary monetary policy supported economic recovery and improvement in financing conditions – interest rates fell and lending recovered.

By Philip R Lane, Governor, Central Bank of Ireland

By Marwan Mikhael, Head of Research, BLOMINVEST Bank

By Pedro Cortés, senior partner, and Helena da Nazaré Valente, senior associate, Rato Ling Lei & Cortés Advogados

By Dr Ziad Fariz, Governor, Central Bank of Jordan

By Chin-Long Yang, Governor, Central Bank of the Republic of China (Taiwan)

By Jerome H Powell, Chairman of the Board of Governors, Federal Reserve System

By Chan Sau San, Chairman, Monetary Authority of Macao

By Tariq Bajwa, Governor, State Bank of Pakistan