Indeed, the broad assessment of the outlook for price stability over the medium term was always the compass that guided our policy. Let me say a word on the evolution of monetary aggregates. Monetary dynamics started to strengthen in the euro area in mid-2004 and gained further momentum in 2005.
Haruhiko Kuroda: Opening remarks Opening remarks by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the 2013 Bank of Japan-Institute for Monetary and Economic Studies (IMES) Conference, hosted by the IMES of the Bank of Japan, Tokyo, 29 May 2013. * I. *  *  Introduction  Good morning, ladies and gentlemen.