Use a wide set of indicators and arguments to explain to market participants and the public at large why tightening is needed. Money and credit aggregates, asset prices and the level of interest rates might be useful indicators of why the time has come to reduce accommodation. I leave it to you to judge how valid these recommendations are for the current conjuncture.
The second reason for being pleased to be here today is that I am back in this beautiful city nearly after ten years. In May 2000 I attended a meeting of the G7 deputies, preparing for the Okinawa Summit in July that year.