It would not be proper on my part to speak on what monetary policy should do in the near term, particularly when the mid-quarter review of our monetary policy is due on December 16.
We are also witnessing a deepening integration of the financial markets within the euro area and increased efforts to adjust the related regulatory structures to the reality of the euro. The ECB, as an institution, has grown in stature; it has defined its specific place within the institutional architecture of the EU and is actively developing its international relations.