Despite this, forecasters and financial markets have remained confident about the ability of the ECB to achieve its primary objective over the medium term. Surveys on long-term inflation expectations and inflation expectations as embedded in long-term interest rates have invariably been in line with our objective of price stability.
The launch of the euro three years ago and the euro cash changeover this year are two other indisputable achievements of the ECB and its single monetary policy. The changeover was a challenge of unprecedented dimensions and its success went far beyond our own expectations. People in the euro area have been enthusiastic about the currency since the very beginning of the cash changeover.