At least until we have more experience, I think you should expect that we will have transition rules designed to limit the amount of actual reduction in capital that will be permitted, at least until we have time to evaluate the actual experience under Basel II. That is part of the necessary requirement to be sure we've got it right before errors become irreversible.
Within that range the ECB’s Governing Council aims at attaining a level of inflation over the medium term – the focal point of policy – which is “close to” the upper ceiling of two per cent. The buffer interval between our focal point and the floor of the range serves as a safeguard against deflation risks for the euro area as a whole.