Karl Drais built the first bicycle here, Werner von Siemens presented the first electric elevator in Mannheim, and the first automobile built by Carl Benz took its maiden drive on the streets of this city. At first, Carl Benz only ventured onto the roads at night. And during the day, too, he worked on the vehicle in secret, afraid that someone might preempt him.
Distinguished ladies and gentlemen, let me now turn to the monetary policy stance that was pursued in 2006. Monetary developments in 2006 were generally expansionary. The increase in money supply mainly arose from net foreign reserves on account of receipts for balance of payments support. The increase in money stock was also partly a reflection of an expansion in credit to the private sector.