The role of CMU is to foster the effective and efficient allocation of financial resources at the European level while avoiding the vulnerabilities experienced during the recent episodes. As I said before, it is important to finalise these initiatives to address all the lessons we learned from the financial crisis.
But the question remains of how to employ the relationship between money and prices operationally to guide monetary policy decisions. At the ECB, we have found it possible to extract important, policy-relevant information from the monetary developments in real time. Central to the real time extraction of policy-relevant information from monetary developments is a broad-based approach to monetary analysis.