Let me elaborate briefly on the relationship between price stability and the other two goals of monetary policy. First, price stability promotes efficiency and long-term growth by providing a monetary and  2  Romer and Romer (2002) provide historical documentation of policymakers' support for the idea of a permanent inflationunemployment tradeoff. 3  Feldstein (1997).
And a firm’s exposure to the euro area also has a bearing on the currency choice for bond issuance. Thus, the increased use of the euro as a currency for bond issuance reflects firms’ attempts to hedge their exposure to the euro area and to broaden their investor base by tapping euro area financial markets. This finding brings me to my last remark.