Articulating our Strategy now is very timely, as we can now draw on five years of experience in EMU and as the Eurosystem is facing up to challenges of expansion. Our Strategy was developed following a comprehensive consultation process throughout the organisation. We have defined specific strategic actions, which will be implemented over the next three years.
I think this is unavoidable, and the Eurosystem has already undertaken tremendous efforts in this direction. But although there are times when things are not black and white, I do not think clear distinctions are completely irrelevant. This is particularly pertinent in a monetary union where member states retain their autonomy in fiscal and economic policy.