The Americans present things in a different way, but they too consider that price stability is a necessary condition for sustainable economic growth and job creation. Most Finance Ministers of the euro area countries and the European Commissioner for Economic and Monetary Affairs Joaquín Almunia want regular discussions with the ECB. Does that bother you? The Treaty already arranges for precisely that. I myself invite Jean-Claude Juncker and Joaquín Almunia twice a month to attend the meetings of the Governing Council at the ECB, and I am invited to attend the meetings of the Eurogroup. As I have always said, we have to apply the whole Treaty and nothing but the Treaty. Is there really no political pressure? Everyone in Europe and the rest of the world knows that the ECB is independent, even on the major financial markets of New York, Tokyo, Singapore and Hong Kong. There is no doubt about that. The ECB's credibility, which stands at a very high level, relies on its independence. It is that independence which allows us to solidly anchor inflation expectations. Our credibility is reinforced by the strong team spirit within the Eurosystem – including our excellent relationship with the Bundesbank and its President Axel Weber – and within the ECB's Executive Board, which features of course my colleague Jürgen Stark. But in the view of many consumers, the introduction of the euro actually pushed up inflation. At the level of the euro area, we have had inflation under control since the introduction of the euro.
I now live in Frankfurt and feel good. How many days a week do you spend there? It's difficult to say. To express it like a central banker: perhaps 3.25 out of 6.5 working days! The rest of the time I spend working elsewhere, in Europe and further afield. 2  BIS Review 18/2007  In 2011 the ECB will leave Frankfurt's city centre for a former industrial area on the edge of the city. Do you regret the fact that you will have to leave the city centre? On the contrary, I believe that the design of the renowned Viennese architects COOP HIMMELB(L)AU, with its two intertwined towers and incorporating the listed Grossmarkthalle building, will greatly enrich the city's skyline while creating a European icon. BIS Review 18/2007  3