*  *  *  Ladies and gentlemen, Today marks the first time that I had the honour and the pleasure of chairing the meeting of the Governing Council of the ECB. I am delighted to now proceed with our well-established practice of real-time communication and to report on the outcome of our meeting, together with the VicePresident.
In this respect, the fourth point that I would like to discuss today is that over the last few years we have seen that monetary analysis is not only an important, but also a complex business.