That Ireland has just exited from its programme and regained market access is a demonstration of this hard-won achievements. In all the programme countries we have seen major progress, especially as regards fiscal adjustment and the stabilisation of banking systems. Cost and price competitiveness are being regained step by step; structural reforms are showing first results. Market access has improved.
Since joining the Board, I have tried to continue this approach, focusing in particular on the forces behind the extraordinary macroeconomic performance over the past several years and their implications for the outlook and monetary policy.