inflationary pressures or an environment with relatively low yields) and over the longer run may, if there are no rebalancing measures, prove unsustainable and impair the smooth functioning of the IMS. For some time (or even a very long time), however, this behaviour does not jeopardise the international status of the core currencies.
The Pulse of Europe has spread to other German and European cities. 4/5  BIS central bankers' speeches  During my years in the European Parliament, I learned that Europe has never been an easy issue. Quite the contrary, it is a complicated and demanding project. But I am convinced that it is a project worth fighting for.