In particular, not least due to the specific role we assign to money in our monetary policy strategy, I see a self-reinforcing  2  BIS central bankers’ speeches  virtuous circle in action. Enhancements in monetary and financial statistics make it possible to keep track of financial innovation, thereby facilitating an enhanced monetary analysis and thus ensuring an effective policy decision-making process.
We have to be very careful to distinguish between the euro as a currency and the problem of financial stability in the euro area. The first 13 years of the euro have seen the currency retain its value, both domestically and externally. Annual inflation currently averages 2.0% – and just 1.56% in Germany. That is lower than in the previous 50 years.