True, we at the Bundesbank know that we cannot, and do not wish to, permit ourselves any signs of laxity. But for the time being we do not think that the turning point for an upward interest rate adjustment lies with us. The Dutch success up to now has not been achieved overnight.
It is the upshot of a long and consistent road which Wim Duisenberg has done a great deal to shape. III Wim Duisenberg comes from Friesland. What is puzzling is how he comes by the name of Duisen-berg. As you know, Friesland is so flat that you only need to stand on a newspaper to be able to overlook the entire countryside.