But because of the uncertainties – particularly those emanating from Europe – we’ve been careful to emphasize that the extent and timing of any additional withdrawal of monetary stimulus would depend on how the outlook for economic activity and inflation evolves. In making those decisions, we will always stay focused on achieving the 2 per cent inflation target.
The achievement of sustainable convergence and competitiveness is vital for the successful membership of the euro area. To conclude I would like to thank our host Governor Bogov. As stated in the report of the programme we are closing today, he has already brought the NBRM in line with or close to European standards in many areas.