Price stability is a good that has to be earned every day anew - vigilance is therefore still the prime necessity for monetary policymakers. 3. But in another respect, too, there is no cause for us to be complacent or satisfied with ourselves and take a back seat. New challenges are on the horizon.
I see no occasion for pessimism, however, when faced with the advancing globalisation of the financial markets and intensifying competition in the financial sector: they may call for flexible adjustments and changes but are not a fundamental impediment to an effective monetary policy.