These two features ensure that all measures taken are fully consistent with the ECB’s primary objective, which is to preserve price stability in the euro area over the medium term. Beyond monetary policy, I see two policy priorities going forward.
This is documented, in particular, as regards asymmetric inflation, asymmetric growth developments and even in terms of somewhat persistent asymmetric gains and losses of competitiveness. As I have said, none of this should make us complacent. The sovereign debt crises in three smaller euro area countries underline the urgency of a far-reaching overhaul of the fiscal and macroeconomic surveillance institutions in Europe.