In the remainder of my remarks, I would like to focus more specifically on a few of these principles that have proven to be particularly relevant in guiding our policy in this environment. 3.
Monetary policy during the financial market tensions  From the end of 2005, the Governing Council had gradually been raising key ECB interest rates in order to address the upside risks to price stability over the medium term implied by vigorous growth of broad money and credit aggregates and increasing resource constraints.