Today I discussed what I see as the main challenges for central banks worldwide and the ECB in particular. These challenges underline the need for a review of the monetary policy strategy under the new ECB-presidency. And, as I have also tried to illustrate, some of these challenges imply that elements and lessons from other central banks cannot always be transposed onto the ECB.
It crucially depends on the ability of sovereign nations to find consensual solutions to the common challenges they face and on their willingness to stick to their agreements.