We are proud of the fact that during the first 12 years of the euro we have delivered price stability, in line with our definition, namely “below 2%, but close to, 2%”. To be precise, we have delivered an average yearly price increase to our 331 million fellow citizens of 1.97%.
And it is extremely important to continue solidly anchoring inflation expectations in a period which is marked by uncertainties and turbulences. BIS central bankers’ speeches  1  Question: Do you see second-round effects caused or any signs of second-round effects anywhere in the euro area? We have risks of second-round effects here and there.