All countries have benefited from the recovery An important feature of the recovery is that all member countries have benefited from the recovery and have seen an improvement in their economic fundamentals.
Moreover, our monetary policy strategy ensured that the appropriate medium-term orientation of monetary policy was maintained. Maintaining such a mediumterm perspective ensured that we were not unduly influenced by market developments, which – particularly in a context of heightened tensions – can be rather excessive and perhaps near-sighted.