We are proud of the fact that during the first 12 years of the euro we have delivered price stability, in line with our definition, namely “below 2%, but close to, 2%”. To be precise, we have delivered an average yearly price increase to our 331 million fellow citizens of 1.97%.
Better regulations is characterised by a regulatory framework with ability to: −  readily identify weaknesses and emerging vulnerabilities;  −  analyse and price risks;  −  provide appropriate incentives (and penalties) to induce prudent behaviour in the market place; and  −  encourage innovations and develop strong institutions of the regulators and the regulated – strong institutions enforce the rules of the game and define appropriate incentives.