But we have learned from each, every time. It’s too early to make prescriptions and judgments, given that much is still to unfold. I trust that the audience could share my vision in seeing a glass half-filled with water as “half-full” rather than “half-empty”. Let us also remain vigilant and prepared for any circumstances that could come our way.
As far as monetary policy is concerned, it is working on excellent institutional conditions: firstly, an independent central bank, secondly, a convincing monetary strategy (which faces transitional difficulties by working in an environment of rapid change in financial markets brought about by the euro itself) and, thirdly, a comprehensive range of monetary policy instruments.