Price stability preserves the purchasing power of the currency and enables producers and consumers to plan with greater certainty for longer periods, including by responding to relative price changes that would otherwise be obscured during times of high inflation.
Quite a lot has been achieved since the bottom of the financial crisis and yet this doesn’t get talked about too much at the moment. Do you undersell that story? We’ve had the banking union, we’ve had all sorts of progress in the area of reforms. Does that message get lost when people just look at the headline data?