We created almost overnight a unified money market, which – notwithstanding formidable transaction overload – functioned from the very start almost without frictions. Short term interest rate volatility remained well contained, and the main refinancing operations, along with the standing facilities and the reserve requirement system with averaging provisions, have since guaranteed money market developments closely in line with the ECB's intentions.
Above all, long-term bond yields in the euro area reflect the confidence that informed investors place on the ECB. Surveys of inflation expectations, which account for the trust and the credit that the general public accords to a currency, are persistently in line with our medium term objective of price stability.