Some analysts have criticised the Bank for not publishing every point along the trajectory. I would argue that this is a case of spurious transparency. It will not make any difference to the policy decision if the outcome in three years time is 4,8 or 4,9 per cent. What we focus on is the overall general trajectory and its relationship to the target range.
When reasons for the weakening of the euro are sought, particularly three factors are mentioned: Firstly, the so far robust state of economic activity in the United States, and secondly - in contrast to this - the slowdown of economic growth in continental Europe.