Let me start with my general conclusion: In my view, the first three elements have proven to be very valuable assets during the crisis and I view them as absolutely essential to the success of monetary policy. The latter three elements of this consensus should be seriously reconsidered.
I think the crisis has made a convincing case for a more medium term orientation of monetary policy, which takes into account information in money and credit indicators, and which tries to lean against the wind as financial imbalances start to develop and pose risks to price stability in the medium term.