In addition, we have tried to be careful not to allow steps toward greater transparency to impinge on discussions or deflect us from making the best possible decisions to reach our objectives. Finally, we have been conscious of the limits of our knowledge and desirous of allowing other views to be incorporated in asset prices.
This inevitably makes it more tempting to postpone politically uncomfortable decisions or to revoke decisions which are controversial but economically necessary. The euro area is not an island – we are in competition with countries like the United States and Japan.