In the euro area in particular, I would call for determined completion of the banking union, including the resolution fund and common deposit insurance, as well as taking the capital market union forward in order to improve the resiliency of the European financial markets in general. These provide the best prerequisite for central banks to succeed in their work.
Moreover, the definition provides a "buffer" in the face of economic shocks and avoids the impression that monetary policy is equipped to fine-tune price developments with a high degree of precision. Regarding the definition of price stability, I wish to emphasise two further aspects. First, it is defined with reference to the euro area as a whole.