6 Rather than becoming an additional source of uncertainty and volatility in a challenging period, our steady-handed approach has led monetary policy to be a crucial element of stability. Importantly, this steady-handedness has bolstered the credibility of our commitment to deliver our objective of price stability and has therefore contributed to ensuring that inflation expectations in the euro area remain firmly anchored.
We can therefore be confident that we are pursuing the right strategies to respond to the challenges of globalization. At the same time I am worried about the recent protectionist tendencies in some of the new EU Member States. We have seen cases where attractive business sector reforms are now being reversed and privatization plans interrupted.