This separation principle permits us to preserve, including in the present deep crisis, a strong sense of our direction in the medium term – price stability – whilst taking into account the reality of the disruption of markets due to the crisis. Like actions, numbers speak louder than words.
Let me mention one number: 2.01%, the average inflation rate in the euro area since 1999 until today, over a period of almost 13 years during which oil prices have soared. This number has become so deeply embedded in our society that people have almost forgotten it.