We are convinced that maintaining price stability in the euro area in a way which is credible, irrespective of the role that the euro plays in third countries, is the best contribution which the monetary policy of the Eurosystem can make to favourable developments in the global economy.
Conclusion Let me conclude by saying that globalisation makes the assessment of the economic environment a more intricate task and the transmission mechanism of monetary policy more uncertain. There will be an increased risk of exposure to the spillover effects of economic and financial disturbances, which will necessitate closer analysis of economic developments from a worldwide perspective.