According to the definition of the ECB which was clarified about a year ago and which aims to create a stable anchor for price expectations, price stability implies an annual rise in the harmonised index of consumer price for the euro area below but close to 2 p.c. This objective must be maintained in the medium term.
As a result, launching of financial products that are conducive to market development and urgently needed by market participants has been delayed. I hope that the Association will gather members’ wisdom and serve their need; and innovation of market participants will be given full play to develop innovation mechanisms and patterns based on the special features of OTC market.