For instance, in the discussions about the output floor, liquidity requirements and the quality of core capital, Italy’s experience was invaluable, and I believe I can say that in some way, whether big or small, it contributed to the collective outcome. The discussions have often been tough, and compromises have sometimes only been achieved after exhausting negotiations.
It follows that in implementing policy we would in principle be willing to accept the prospect of inflation outcomes close to the edges of the target, and conceivably even outside the target, in the next few quarters if we were reasonably confident that inflation would be back near the centre of the target within one to two years.