While the optimal approach to monetary policy will clearly depend to some degree on the traditions and constitutional structure of individual countries, I believe that explicit inflation targeting is an approach which is worthy of serious consideration. 13  BIS Review 78/1999
The good news is that we understand the challenges we face: to strengthen EMU; to ensure sustainable policies; to improve competitiveness. And to meet these challenges, we can look to several countries for examples. But the key is to persevere on the path of reform – and to take inspiration from others that are succeeding.