Compared with the December 2005 Eurosystem staff projections, these ranges imply a slight upward revision to the profile for HICP inflation over the  BIS Review 15/2006  1  coming years, reflecting mainly an increase in the assumption for future oil prices, in line with market expectations.
Faced with these elements, we had to rapidly deploy appropriate measures. When I look back now, I can confidently affirm that the measures have reaped the expected results. The banking system has successfully weathered the crisis unscathed. Also, our foreign exchange reserves have remained at a level that satisfies any adequacy metrics, even the most stringent ones.