I do not wish to burden the audience this afternoon with technicalities and arguments that might sound academic to disbelievers but which are indeed of fundamental importance to central bankers having financial stability as one of its mandates. 11  Reportedly, there are more than 1,300 cryptocurrencies registered on different exchanges worldwide.
In 2008, a declining impact from indirect taxes and energy prices is expected to be compensated by higher pressures from unit labour costs. Compared with the June 2007 Eurosystem staff projections, the new ranges for 2007 and 2008 are within the ranges previously projected. The Governing Council is of the view that risks to this outlook for price developments lie on the upside.