6 The money pillar of our monetary policy strategy constitutes a visible commitment to take the long-run link between monetary developments and inflation into account in monetary policy decisions. From my experience I can tell you that this has indeed played an important role in our success in anchoring inflation expectations in the euro area.
While the general global outlook seems to be a bit more positive, we appear to have moved into a new phase, which is no less risky or uncertain than previous phases. And even if things don’t get worse, they will take a long time to get better. How has the crisis mutated?