In the first half of the year, those countries with strong fundamentals, such as Australia, Canada, New Zealand and Sweden, had started the process of getting their interest rates back up to normal. This process was occurring when we met in May, and, as I said at the time, it was a process that we thought would be continuing.
The people of Germany and the other countries of the euro area can rely on us to continue delivering price stability in the years to come, just as they have been able to rely on us in the first 11½ years of Monetary Union.