If we look at any measure of inflation, we see that it takes quite an effort to raise inflation expectations and actual inflation to the levels that are consistent with our objective of “below, but close to 2%” in the medium term.
Mr Weidmann, I got to know you about ten years ago and have been able to observe you close up over the past seven. I hope your path in the world of central banking takes you a very long way yet. And I know I’m not the only one hoping this.