As the old saying goes, two (or more) heads are better than one in finding optimal strategies. I therefore wish us all a fruitful exchange of views. Let me start with a few thoughts on structural underpinnings of monetary policy and how they are likely to change in response to latest shocks.
*  *  *  Mr. Chairman, Professor Mario Monti, Co-panellists and fellow Governors, I am honoured by the invitation to participate in the Annual General Meeting Panel in this historic and beautiful location.