During this period, the single monetary policy has been challenged by, among other things, fluctuations in economic activity both inside and outside the euro area, by a depreciation of the exchange rate of the euro, and by strong oil and food price rises at various stages.
Despite this, forecasters and financial markets have remained confident about the ability of the ECB to achieve its primary objective over the medium term. Surveys on long-term inflation expectations and inflation expectations as embedded in long-term interest rates have invariably been in line with our objective of price stability.