All of theses reforms will need to be nurtured carefully and it is crucial that they be supported throughout by a stable and transparent macroeconomic policy framework. 10.4 In conclusion it is reasonable to look forward to the future with confidence: and this we do.
The markets have the example of the Fed in the US; it has to be different here, because we are operating on different markets, but we have a successful experience with policy normalisation. We’ve been able to communicate our intentions. The market reaction to the Governing Council last week was very positive, very smooth. So I’m not very worried here.