I am looking forward indeed to continuing the co-operation with you and the Committee on Economic and Monetary Affairs in the same open and constructive spirit that has always marked our regular exchanges of views.
However, in the short-term, developments in international oil prices, through their impact on domestic fuel costs, are likely to be a source of upward pressure on inflation and it is conceivable that the rate of increase in CPIX could temporarily breach the upper level of the target range towards the end of 2004 and the early part of 2005.