And we were obviously wise not to change the inflation target of 2 % over recent years despite many different calls to do so.   Consistency: We acted consistently with what we have previously said as was the case in our previous packages of December 2016 and October 2017. This consistency helped to have, at least since March, an “alignment of the planets” between the Governing Council’s views and those of outside forecasters, including market expectations. It was important that we announce the end of the net asset purchases as soon as we felt the SAPI criteria would be met.   Clarity: Uncertainty is today the number one enemy of growth and financial stability. By providing clear guidance on the path of asset purchases and interest rates – once more several months in advance - we have done our best to reduce uncertainty about future monetary policy conditions, at least out to the horizon that it is prudent to do so. The consistency, credibility and clarity of the Riga decisions was reinforced by the fact that they were agreed unanimously, demonstrating strong cohesion within the Governing Council. In this divisive world, in this divisive Europe - unfortunately, on tough issues like migration this cohesion was our shared responsibility and duty to protect the common good of 340 million Europeans: their currency, the euro. They support it at an overwhelming majority of  Page 3 sur 5 74% - confirmed in the Spring 2018 Eurobarometer, with an increasing majority in Italy.
Page 2 sur 5 The Euro-system staff projections of economic growth of 2.1% in 2018, 1.9% in 2019 and 1.7% in 2020 remains consistent with an ongoing solid and broad-based recovery; the French economy, which is sometimes considered to be a good proxy for the Euro-area average, is likely to follow a similar growth path with 1.8%, 1.7% and 1.6% in 2020 according to the Banque de France. On the inflation outlook, as part of the SAPI criteria, recent ECB and Euro-system staff projections have become more and more stable giving us increasing confidence that the improving economic growth we have seen will translate into rising wage and price inflation. In other words, whilst we might be a bit less certain precisely where we are in the cycle, we are more confident that we are heading in the right direction on inflation. Monetary policy decisions When would the Governing Council end the net asset purchases? When would it announce this decision? These were questions left hanging and the subject of market speculation before our meeting in Riga. Besides the famous and important three “Ps” – perseverance, patience and prudence - the Governing Council’s decisions were also guided by three “Cs”: credibility, consistency and clarity. Each element is important.   Credibility: Our actions are credible because they stick to our mandate and our economic forecasts, in particular with respect to the inflation outlook.