And thirdly, perhaps the most important reason by far, to contribute to better anchoring medium to long-term inflationary expectations, which is important for all central banks of the world and all the more important for the ECB which cannot rely, for that purpose, on long-term past records.
Also for this second difference with the Fed concept, there are, in my eyes, both solid theoretical reasons and practical considerations associated with the transition to the Euro. All taken into account, it seems to me that what is uniting us, our similarities, are more important than our differences. And we have solid explanations for our differences.