From such a viewpoint, I personally consider that it is neither easy nor appropriate to aim at achieving a price stability target of 2 percent in a short time frame of about two years.
Ladies and gentlemen,The German chancellor Angela Merkel recently emphasised that “the Western Balkan states are also part of a united Europe.”1 In this spirit, I very much look forward to continuing our cooperation as central banks in the years to come. 1 At the 30th anniversary of the “pan-European picnic” in Sopron, Hungary, August 2019, see  www.bundeskanzlerin.de/bkin-en/news/merkel-in-ungarn-1662334. 3/3  BIS central bankers' speeches