Obviously, bond yields and many external forecasts incorporate expectations of future policy changes and therefore offer a judgement on prospective monetary policy decisions, as well as on decisions taken in 1999 and 2000. As such, they provide a positive assessment of the credibility of the overall monetary framework.
And this means deepening the market is a different type of challenge. We do not need to undo the past – we need to create a new framework that did not exist before. So we have a real opportunity to build a genuinely European capital market from the outset.