Europe can count on the ECB to continue to strike the right balance between audacity and wisdom, in line with its mandate. In acting in this way, the ECB will continue to offer a solid anchor of stability and confidence. Thank you for your attention. BIS Review 31/2009  5
What do you mean by medium term? We are not giving a more precise time frame, but we are certainly not talking about a decade or a generation. If the countries in the south have lower inflation rates and the ECB wants to keep overall inflation at 2%, then that means logically that Germany has to accept higher inflation.