What is especially positive is the commitment to a strict consolidation course which is being reinforced by concrete savings measures. And, in line with Professor Issing, I would finally like to emphasise that monetary union in Europe and the completion of the single market are promoting corporate restructuring, which is improving the efficiency of the economy.
In fact, sometimes, as was the case recently, it could be the most dominant reason for short-term monetary policy adjustments. In a broader framework, the objectives of monetary policy in India continue to be price stability and growth.