And, as I just said, over the first twelve years we have delivered average yearly inflation at the level of less than 2%: it is a better result than the previous national currencies over the last 50 years, including the Deutsche Mark. Here in Aachen, I can say, the promise “stark wie die Mark” has been fully respected.
Since the crisis we also had to cope with financial turbulences, abnormal functioning of markets and disruption of certain segments of markets. We showed our responsibility in taking monetary policy measures – we call them “non standard” decisions, strictly separated from the “standard” decisions, and aimed at restoring a better transmission of our monetary policy in these abnormal market conditions.