From that standpoint, the clarity of our primary mandate – enshrined in the Treaty – to deliver price stability in the medium term, the full independence of the ECB, the transparency of our definition of price stability and our two pillar strategy, our track record, and the credibility acquired by the ECB and the Eurosystem are our major assets.
•  I will also seize this occasion to underline once more, as a second building block, the importance of the Growth and Stability Pact. The fiscal pillar of the EMU is key for the cohesion of the euro area. The ECB takes care of the M in EMU.