I also welcome the fact that your draft resolution reflects the fact that there is a firm link between the credible pursuit of price stability on the one hand and the creation of an economic environment which is most conducive to growth on the other.
1 Considering the post-1999 era in retrospect, the euro area spreads have indeed declined significantly since the introduction of the euro (see slide 3). In fact, euro area spreads are small today and actually lower than the ones observed between Canadian provinces.