For a European central banker, this almost feels like ancient history. The past 20 years have been too hectic, too exciting and too eventful to fully appreciate the passage of time. So significant birthdays are always a welcome opportunity to take a step back and consider what has worked and what has not.
And for the CBBH, like for many other central banks, there can only be one yardstick to measure success: the achievement of monetary stability, the primary objective of the CBBH. And looking back over the past 20 years, you clearly have delivered on your mandate.