This would underscore our commitment to ensuring that inflation returns to the medium-term target of 2% in a timely manner. It would also send out another clear message from the Governing Council about combating inflation. However, the Governing Council is sometimes accused of raising interest rates irrespective of economic developments and thus exacerbating the economic weakness in the euro area.
I think that what is most important is not to fool ourselves into thinking that problems can be overcome by repeatedly postponing them, by borrowing indefinitely from future generations. Our economies will face serious challenges in the coming years, not least because, as I mentioned, the post-crisis world will be different from the pre-crisis one.