Since July, nonfarm payroll employment has increased by 175,000 jobs per month on average, and the unemployment rate declined 0.3 percentage point to 7.9 percent over the same period.
Thirdly, experience has shown that a central bank which is independent of the vagaries of dayto-day politics, and committed solely to the goal of price stability, helps to safeguard that indispensable price stability. By the way, that might be even more important in a supranational union than in a purely national context. These three basic convictions are essential to a durably stable currency.