In this context, disinflation in accession countries should be promoted, at a pace determined by the overall economic situation and in particular by the need for these countries to foster real convergence. In addition, the Maastricht inflation criterion should not be regarded as an immediate requirement, but rather as a medium-term objective for the central banks of the accession countries.
But at a seminar of this stature, co-hosted by our good friends at the Bank for International Settlements, I, as Governor, felt it correct to re-iterate a warm welcome. I am especially delighted that we are able to co-host this reserve management seminar as I believe that all of us can learn from each other's experiences regarding this important central-bank function.