But the Compass is what I always find myself coming back to. Practically everything we need is in there. And it’s a respectful document. It gives each of us the responsibility of exercising good judgment. And more importantly, it says that we trust each other to do so. I’m really proud to be in an institution where we can operate that way.
Since then, monetary policy has been in a waiting position, given increasing signs of fainting price pressures against slowing worldwide economic growth. Ladies and gentlemen, The positive effects of the euro are felt in numerous ways. International financial crises are no longer able to upset intra-European exchange rate relations and trade.