We are not powerful enough simply to command attention or demand others follow our lead. If we are to be effective, we have to try harder than the average country. And it was our job this year to run this unwieldy body effectively. The feedback I have received from my counterparts has been universally and strongly positive.
Second, on credibility: Αfter so many years of QE, medium-term inflation expectations are 2% or below. At the same time, wage contracts in the euro area are consistent with our 2% inflation target, taking into account productivity growth. These imply that the credibility of monetary policy and of our 2% inflation target is very high.