Today we have to acknowledge that market reactions often come with delays and then tend to overreact. But let me be clear: Forty years after the Werner report and eleven and a half years after the introduction of the single currency, for me, the verdict is unambiguous: Monetary policy within the Euro area has been a success.
It is widely accepted that the best a central bank can do in supporting economic growth is delivering price stability. The ECB has delivered price stability.