Also for this second difference with the Fed concept, there are, in my eyes, both solid theoretical reasons and practical considerations associated with the transition to the Euro. All taken into account, it seems to me that what is uniting us, our similarities, are more important than our differences. And we have solid explanations for our differences.
I understand, in particular, that trends in money demand have not been as stable in the US as they have been in the Euro area. This  8  BIS Review 24/2004  may partly explains the differences in our approach.