Consequently, should the data break against us in the coming weeks, we need to be prepared to hike the policy rate by 50-basis points. No matter the near-term path of reducing accommodation, the FOMC must respond decisively to the data so as to maintain our credibility that we will bring down inflation.
Different options for greater co-ordination were discussed, including the creation of a single euro-area debt instrument backed by joint guarantees, an option that could be beneficial for smaller member states, currently paying liquidity premiums. Unfortunately, the Group did not start any concrete specification of such options. I nevertheless notice that tomorrow you will be bringing up the subject of common issuance again.