The promise which was made to all nationalities, and in particular to the Germans before the euro started was the following: The new currency will be at least as confidence-inspiring and as a good store of value as the previous national one. And I can say today to you: The promise has been met.
Meanwhile, measures of underlying inflation have continued to trend lower and are now below the levels the Federal Open Market Committee (FOMC) judges to be consistent, over the longer run, with its statutory mandate of maximum employment and price stability. In this context, the Federal Reserve decided at its November meeting to undertake additional monetary policy actions to satisfy its dual mandate.