Together with the national central banks of the euro area, i.e. the other members of the Eurosystem, it has been tasked with ensuring price stability for our 307 million fellow euro area citizens. I feel it is important today to highlight five ideas. First, there is the issue of responsibility. An independent monetary institution is ultimately responsible to public opinion.
Domestic Monetary and Economic Conditions I would like to start by reviewing the recent economic condition and the thinking behind the Bank’s current monetary policy management. With regard to the domestic economic condition, the Bank of Japan judges that a moderate economic recovery continues and that the recovery is gradually becoming firmer.