In the first place, the overriding objective of price stability has been ensured with an average inflation for the whole period of two per cent. This was accomplished in spite of supply shocks that negatively affected the inflation rate, such as the sudden increase of oil prices from 1999 to 2001.
As important as the actual inflation rate achieved, stands the fact that we have managed to stabilize the medium term expectations of markets regarding future inflation, at a value slightly below 2%. This is a very important result as it means that the Eurosystem is seen as credible enough to deliver long term price stability.