This anchoring has facilitated the preservation of price stability, which is a prerequisite for sustainable economic growth and employment creation in the euro area. I would then like to share with you some thoughts regarding the progress in European financial integration that has been witnessed in particular since the introduction of the euro.
The framework thus ensures that there is a clear allocation of responsibility; and it ensures that interest rate decisions are taken by a competent authority dedicated to the task and acting independently. Thirdly and fourthly, the inflation-targeting framework is one that delivers a high degree of transparency and accountability.