Indeed, price stability goes hand in hand with a healthy economy and a sound financial system. This is reflected in the measures taken by the ECB in recent years in pursuit of price stability. These measures have not only prevented the economy from entering depressed and deflationary conditions, but have also contributed to supporting employment and reducing financial stability risks.
I want to end by reminding all of you not to become so caught up in the latest technical developments that you lose sight of the qualitative aspects of your responsibilities. Models alone do not guarantee an effective risk-management process. You should encourage continuous improvement in all aspects, including data integrity and internal controls, to name just a few.