The Governing Council must prevent this from happening. The Eurosystem and its monetary policy are on course for 2% inflation. I will do my utmost and use all the Bundesbank’s expertise to ensure that we maintain this course until we reach our goal. 6 Conclusion And that brings me to the conclusion.
On the external front, our policies will be geared toward: (1) ensuring sustainability of the country’s external debt; (2) maintaining an essentially market-determined exchange rate with scope for occasional official action to smoothen sharp movements in the rate; (3) maintaining a comfortable level of reserves; and (4) further improving the foreign exchange environment through FX deregulation.