Some are saying that price stability is actually 0% and that it is crazy for the ECB to use all ways and means to create inflation. We had a detailed discussion on this matter in the early 2000s under the ECB’s chief economist at the time, Otmar Issing. We quickly and unanimously concluded that we should not have an inflation target of 0%.
•  The SEPA business rules, which are interbank, have been made publicly available by industry, in the form of “Rulebooks”, and have already attracted global interest. The business rules therefore have the potential to become a global reference for other countries that wish to modernise their retail payment systems.