As yet the evidence continues to indicate insufficient progress towards a sustained adjustment in the path of inflation towards levels below, but close to, 2% over the medium term, which is a condition we have indicated for the ECB to start a gradual process of normalisation in its monetary policy stance.
*  *  *  It is an honour and privilege to receive the Lifetime Achievement Award from the Official Monetary and Financial Institutions Forum. You will agree that what we think of ourselves may be important, but it is encouraging when observers’ thoughts of ourselves are positive.