It will also be easier to evaluate monetary policy. The debate has not been slow in coming. Analyses and discussions on monetary policy are now being conducted outside of the Riksbank in a way that would not have been possible if we had not presented our own interest rate path. It is not, as before, primarily the current interest rate decision that is discussed, but more a question of the monetary policy fluctuations throughout the entire forecast period. The fact that the interest rate forecast may later be changed is a different, and quite natural, matter. Withholding information on how we view the future development of the interest rate merely because this view may need to be revised would make us a less open bank. Figure 1. Is the market always right? Repo rate expectations according to implied forward rates Per cent 7.5  7.5  7.0  7.0  6.5  6.5  6.0  6.0  5.5  5.5  5.0  5.0  4.5  4.5  4.0  4.0  3.5  3.5  3.0  3.0  2.5  2.5  2.0  2.0  1.5  1.5  1.0  1.0  0.5  0.5  0.0  0.0 99  00  01  02  03  04  05  06  07  08  09  10  11  12  Source: The Riksbank  4  BIS Review 62/2007
Mario Draghi: Short address on the occasion of the launch of the Europa series € banknote Speech by Mr Mario Draghi, President of the European Central Bank, at the launch of the Europa series € banknote, Bratislava, 2 May 2013. *  *  *  I mentioned this at the end of today’s press conference, but let me say again that I’m very pleased to be here today to see the launch of the new 5 euro, the first banknote of the Europa series. The new banknote will join 15 billion euro notes already in circulation. They are the most visible and tangible symbol of European integration, used from one end of the continent to the other. With the Europa series, we are giving a face to our currency. A portrait of Europa, a figure from Greek mythology, has been incorporated into some of the security features of the new series. After centuries of division, the European Union was awarded the Nobel Peace Prize last year for its contribution to “the advancement of peace and reconciliation, democracy and human rights in Europe”. We all know that Europe is experiencing some challenging times. Governments and citizens are making extraordinary efforts to put their economies on a sounder footing and to build a more stable future for the European Union. In times like these, it’s important to remember what the Union and the euro have achieved and what they mean in the longer term, especially for young people.