Then, I shall report to you on several important decisions taken by the Governing Council of the ECB with regard to the introduction of euro banknotes and coins. Before beginning my speech, I should once again like to take this opportunity to welcome the newest member of the euro area.
In this regard, let me reiterate that the Bank has made a firm commitment to maintaining the current policy of quantitative easing until the year-on-year  BIS Review 42/2003  1  increase in the consumer price index (CPI) becomes stably zero or above. This is a clear and specific commitment based on the published monthly data of the CPI, not its forecast.