And it is with great pride that I say today, in particular thanks to Tommaso’s contribution, together with all members of the Executive Board, of the Governing Council and the staff of the ECB, that our primary mandate has been fulfilled: with an average inflation rate in the euro area over the past 12 years of 1.97%, the ECB governing council has delivered what 330 million Europeans expect – “la difesa del risparmio”, “die Währung zu sichern”, “assurer la stabilité des prix”.
The success of the Global Code in promoting integrity and restoring confidence in the wholesale FX market lies in the hands of its participants. That is why the Global FXCs issued a joint statement of support at the launch of the Code in New York, making clear their intention for the Global Code to become an integral part of the wholesale FX market.