Some economists and a number of journalists had continued to focus on the "unrealistically" narrow and low inflation target of the Reserve Bank but at the same time had stressed the need for unions to moderate wage demands to avoid increases in unemployment.
I made a speech at the beginning of the month where I talked about the past and future of ECB monetary policy. I went through some episodes that were controversial in some of our decisions in the past. With hindsight, I admit that indeed the decisions were not always perfect and I explained why.