To you, the vital players in the market, my message is – Do NOT get stuck in the short-term. Just because we have the buffers, doesn’t mean it should be “business as usual” You should always look to enlarge your business opportunities, and not just go for the quick trade. I encourage you to think “long-term”.
In my view, therefore inside the Euro area the gradual pace of adjustment of the monetary policy stance, of the overall provision of liquidity and of its allotment modes can continue. The Euro: sound track record in the first decade In a longer perspective the performance of the currency union is far more flattering.