This may also imply a transitory period in which inflation is moderately above target. Let me turn to the assessment of the economic outlook and our pandemic measures. The recovery in the euro area economy is on track. More and more people are getting vaccinated, and lockdown restrictions have been eased in most euro area countries.
BIS Review 54/2000  4  Third, the US is interested in the smooth functioning of the international monetary system. In principle, US authorities prefer flexible exchange rates. In the case of a crisis, however, the US is interested in an efficient decision-making process at international level. Fourth, systemic stability is an objective with high priority for US policy.