I hold the view that, even if such efforts proceed smoothly, it will require considerable time for the target to be achieved. This is why I have continued to propose at Monetary Policy Meetings not to restrict the time frame for achieving the 2 percent price stability target to about two years, but to aim to achieve it in the medium to long term.
The single currency is also a major step forward in terms of more efficiency, by lowering transaction costs and increasing price transparency and competition, which will be even more evident once the notes and coins will have been introduced. Monetary union also intensifies the integration of European financial markets, which improves financing possibilities for companies.