For example, developments in French HICP-indexed bonds23 show that since the beginning of Monetary Union long-term inflation expectations have been anchored at levels consistent with the definition of price stability. This, I believe, can rightly be regarded as an indication of the high degree of credibility enjoyed by the ECB.
Communication between the ECB on the one hand and the financial markets and the general public on the other has - especially at the start of the single monetary policy - not always been without difficulties. However, it is clear that communication between the ECB and both the public and the financial markets has improved considerably over time.