But we do not understand why, and consequently we do not know to what extent we are seeing a permanent decline in the term premium – perhaps due to a general reduction in the volatility of economic activity and inflation over the past twenty-five years.
In this context, I should like to stress that today's signing of the TACIS "Central Bank Training" contract and of the related tripartite Protocol mark a crucial step in the co-operation between our institutions, which I very much welcome.