These differences have not materially affected the Federal Reserve’s ability to conduct monetary policy at the federal level, nor prevented the attainment of price stability. Nor is convergence, or lack thereof, and its impact on Economic and Monetary Union, a particularly new debate.
*  *  *  President, Honourable members of the European Parliament, I am delighted to be making my first appearance here as President of the European Central Bank (ECB) and I am honoured to present to you the ECB Annual Report for 2010. Je souhaite tout d’abord rendre ici hommage à mon prédécesseur.