In particular, I will highlight how financial innovations and international competitive pressures, combined with a better public understanding of the costs of inflation and changes in the institutions of central banking, have helped improve the credibility of central banks and inflation outcomes in many emerging markets.
*  *  Welcome  Mr Burda Members of the Verein für Socialpolitik Ladies and gentlemen On behalf of the Deutsche Bundesbank, I would like to warmly welcome you to this reception. It gives me great pleasure to be your host again this year.