So, we are not where we want to be if we want to reach our target. In terms of having to pause or having to skip: as I said, number one, we have not discussed it at all and we have not begun thinking about it because we have work to do. I have two questions. The first question is: today you confirmed, repeated, that rates will be kept at the restricted levels for as long as necessary. Because inflation will be above 2% in 2025, we can expect restrictive rates for long. How is the Governing Council concerned that you're going far and you, at the same time, would like to avoid unnecessarily harming economic activity? How far do you look at growth weakening in response to your policies? Then a second question regards this June. That is a historical month for the ECB; the € billion repayment of TLTROs is seen as the biggest daily reduction of the ECB balance sheet. On the top this June is also the last month of APP reinvestments. So, what is the impact of these two unprecedented events in the ECB on tightening of financing and monetary conditions? 7/10  BIS - Central bankers' speeches  I thought you were going to say that it's an important month because we are celebrating our 25th anniversary – which was also the date when the ECB was opened first on the ground here in Frankfurt. As I said, the objective that we have is very clear. The destination we know.
It has been the main driver behind the remarkable increase in economic and financial integration as well as the transformation of the financial system over the past decade. It has made the euro area economically more stable for both investors and consumers. In particular, financial integration has promoted cross-border portfolio flows in the euro area and thus enabled consumers and investors to share and diversify risks. As illustrated yesterday, EMU has increased banking integration. Another interesting finding is that key policy initiatives at the European level, notably within the context of the Financial Services Action Plan, have made a significant contribution to fostering banking and regulatory integration. However, in my view, there is room for improvement, especially as regards cooperation and coordination between national supervisors and regulators in Europe. As the Vice-President emphasised in his opening address yesterday, there is a growing understanding of the need to strengthen the pan-European character of financial stability arrangements for crisis prevention and resolution. However, during the ongoing financial turmoil, the euro area and the EU as a whole have proved their capacity to act decisively and promptly under difficult circumstances. National measures have been coordinated in a pragmatic manner with a view to enhancing their effectiveness through mutual reinforcement. As regards the role of central banks in banking supervision, recent tensions in financial markets have confirmed that close cooperation and active exchanges of information between central banks and supervisory authorities are indispensable. In particular, the financial turmoil has revealed areas in which cooperation could be strengthened.