It is important for everyone to realise that our monetary policy decisions are only guided by our price stability mandate. In the light of this, fiscal authorities and borrowers in the euro area should be long-sighted enough and plan sufficiently ahead to prepare themselves for the time when it will be appropriate for us to start a gradual process of policy normalisation.
18  19  Chart 2  Japan's Real Exports Advanced economies 150  Emerging economies  s.a., 2013/Q1 = 100  150  s.a., 2013/Q1 = 100 China <19.5>  United States <19.0> 140  140  EU <11.3>  Other economies <14.8>  130  130  120  120  110  110  100  100  90  90  80  80  CY20 1 3  14  15  NIEs, ASEAN, etc.