A raised potential for growth could somewhat ease inflationary pressures. BIS central bankers’ speeches  3  Concluding remarks: credible and effective alertness The scenarios I mentioned should not be interpreted as predictions. Nor can one attach precise probabilities to any of them.
At the same time, to meet this promise was extraordinarily demanding because the success of the transition to the euro was very much depending on the immediate achievement of a high level of credibility. And this credibility in the delivery of price stability had to be intact not only in a two-year or five-year perspective, but also on a ten-year and even thirty-year basis.