However, the question of whether or not private investors deem an investment project to be sensible very much depends on the future economic prospects of the euro area and Europe. And nobody would deny that uncertainty is rife in this regard at the moment – the “Brexit” risk is just one source of uncertainty.
I will limit my remarks to the two most debated aspects: the definition of price stability and the role of money, or the “two-pillar structure” of the strategy.