My view on the assessment of the appropriateness and effectiveness of a monetary policy framework is summarised in the old saying that “the proof of the pudding is in the eating.” And I would contend that, over the past seven years, the pudding has been very satisfying.
Otmar Issing, who played a central role in shaping this strategy, will elaborate on this tomorrow, and I should not say much more. I would, however, like to briefly make some points relating to the future.