Speaking also on behalf of our central bank partners, I would like to say that we are very much looking forward to these coming nine months. Later during this press conference I will confirm the commitment of the ECB and our partner national central banks to implementing the programme by signing a protocol which confirms the common goals of all stakeholders in the programme.
More people were conscious of the shortcomings of the regulated era, and were prepared to argue for allowing market mechanisms to set prices and allocate resources. So there was a case for exchange rate flexibility on “real” or resource allocation grounds. There was also one based on monetary grounds.