The significant measures announced by governments to deal with the financial turmoil should be implemented swiftly so as to help ensure trust in the financial system and to prevent constraints on credit supply to companies and households. With regard to price developments, annual HICP inflation has declined substantially since July.
It may take a while before new Member States are in a position to fully participate in EMU. A fair share of realism is called for to avoid disappointment. In the long run, such an equitable and strict procedure will be to the advantage of all Member States of the EU.