The nature of trade is also changing. More and more exporters are part of global value chains. Today, an exported good to the United States can ultimately end up being reexported to more than 100 other countries in a global value chain.
Knowing you all to be distinguished financial and monetary experts, I need hardly point out to you that to attain this objective, strategy must be transparent and credible. It is not for nothing that in recent months this issue has been figuring prominently on the agenda of the European Monetary Institute, the precursor of the ECB.