The foundations for achieving stability in the euro area are already in place. However, these need to be enhanced in some important respects and they should be rigorously enforced. It will not be a walk in the park. But neither is it the stuff of miracles. Thank you for your attention. BIS central bankers’ speeches  9
This is because we, as monetary policymakers, already care about cyclical variations in employment and growth. This is the nature of flexible inflation targeting; I have never sat in an MPC9 meeting where we just looked at the inflation rate and ignored everything else.