But it is up to individual countries to build on that foundation and make their economies work better; and it is up to the euro area as a whole to strengthen the institutional architecture of our union.
The twopillar approach to assessing the outlook for prices is appropriate in times of structural change, as it is not only credible, but also highly flexible. Financial markets therefore have a reliable partner in the Eurosystem – one that is well equipped to meet current and future challenges. 4  BIS Review 54/2001