For more than 12 years, the ECB in Frankfurt, in close cooperation with national central banks – to include the Banque centrale du Luxembourg – secured its primary mandate to maintain price stability in the euro zone as a whole. Price stability in the understanding of the ECB is given at a medium-term inflation rate below but close to two percent.
The City University Business School is making an important contribution to that. I should of course like to add: I come from a financial centre on the continent which likewise has some strong points. And experience shows: competition is always stimulating for both sides.