Annual HICP inflation rates of above 2% are likely to persist over the coming months, notwithstanding the recent oil price decline. Looking further ahead, however, the available information indicates that, barring further adverse shocks, HICP inflation will fall below 2% in the course of 2005. Moreover, the latest indicators do not suggest that underlying domestic inflationary pressures are building up in the euro area.
*  *  Introduction  Ladies and gentlemen, As the crisis is still unfolding, we cannot tell with certainty how our economic and financial systems will function in the future. Unfortunately, based on past experience, we can safely predict that individual banks, and the financial system as a whole, will face new challenges, and even crises.