Among the issued securities there are bonds, but also shares, and the introduction of the euro should foster the convergence and the progressive integration of the equity markets of the euro area. Things have evolved, but sometimes at a slower pace than had been hoped.
3 Our approach is characterised by a medium-term orientation, which recognises that – given lags in monetary policy transmission and the inevitable short-term shocks to price developments – we should not attempt to  1  J. Taylor and J.C. Williams (2009), “A black swan in the money market,” American Economic Journal: Macroeconomics 1(1), pp. 58-83. 2  L.E.O.