On 8 May 2003 the Governing Council also clarified the way in which it integrates the indications stemming from these two complementary analyses as it seeks to come to an overall judgement on the risks to price stability.
At the same time, many of these institutions and smaller regional banks were struggling with energy and agricultural sector difficulties or accumulating commercial real estate problems. I am sure that many of you here today can easily recall those times, and that these and other difficulties took a heavy toll -- if not in your own banks, in those of your competitors.