It would be essential that the assessments of macroeconomic imbalances and recommendations for corrective action be given broad publicity at all stages of the surveillance process. The public and the markets can be confident that the Governing Council remains firmly committed to delivering on its mandate of maintaining price stability over the medium term. We are now at your disposal for questions.
In the field of monetary stability, attempts to exploit the Phillips curve trade-off produced almost wholly negative results and led to a widespread consensus that the primary objective of monetary policy must be price stability.