It is now nearly 11 months since the Eurosystem, consisting of the European Central Bank (ECB) and the 11 national central banks (NCBs) of those EU Member States that introduced the euro on 1 January 1999, assumed its tasks, i.e. deciding and conducting the single European monetary policy.
11 months of practical experience is, of course, not long enough for a conclusive stocktaking exercise, but it certainly seems appropriate, at this stage, to review some of the lessons we have learned. Let me start by recalling what, in essence, monetary policy-making in Europe is about.