What went wrong? European integration is a process, and it is important to learn from the experience so far to make further progress. I would like to stress two points. First, EMU came with too-high expectations, for example that the growth rates we had just before, or at the beginning of, EMU would continue forever. Many borrowed on the basis of those optimistic expectations.
4  BIS central bankers’ speeches  used so far are rather the means to ensure that standard ECB decisions can be effective at all horizons. There should therefore be no concern that our non-standard measures may produce spillovers on the ECB’s ability to maintain price stability.