I also want to commend the Institute for the excellent work it is doing, especially through professional training of staff; training which is critical to helping the industry meet the exacting demands of a modern economy in which technology and markets are evolving at a rapid pace.
However, some factors still argue for caution. Allow me to comment in more detail on the Governing Council's assessment of the current economic situation in the euro area. I should like to start with the first pillar of the monetary policy strategy of the ECB.