FT: It’s interesting you use this word “decisive” – that the monetary analysis was decisive in December 2005. Could the monetary pillar be decisive in the coming months? When we have a look at the other pillar, it seems to suggest everything’s perfect – you have inflation exactly within range; the economy’s growing at or around potential.
The only alarm signal we have is the monetary pillar. Could the monetary pillar be decisive in the coming months when it comes to interest rate setting? JCT: As I said in Dublin on behalf of the Governing Council, we are in a mode of strong vigilance.