They expect the single currency to bring about an economic and political commitment which is in itself strong enough permanently to compel the participating countries to abide by the rules of the game.
Hence, risks to price stability stemming from monetary developments remain on the upside. Turning to the second pillar, we had a thorough discussion on the main factors of relevance to the outlook for price stability at the current juncture. One important factor under examination was the price of oil, which reached new peaks in mid-September before falling to some extent more recently.