One very important contribution the ECB makes to preserving confidence is to continue firmly anchoring medium to long term inflation expectations for the euro area while at the same time ensuring the smooth functioning of the short-term money market.
At the current juncture, priority has been given to comprehensively draw lessons and formulate policy responses to address the challenges raised by the financial market turbulence. The key areas have been identified and since my last hearing before you, work has been progressing intensively both internationally and in the EU.