In this context, issues of price measurement will be especially important. It is particularly important to cater for the effects of rapid technological progress, innovation and the role of consumer services. As noted by my colleague, Alan Greenspan, in a recent speech, inflation may be overestimated if such elements are not dealt with carefully and accurate measurement of inflation is especially crucial when the overall rate of inflation is low. In the same speech, Mr. Greenspan pointed out that further progress may be necessary to ensure the broadest possible coverage of consumer goods and services. Before moving on from the issue of monetary policy, I should like to add that preparation of the infrastructure needed for either monetary policy strategy is proceeding satisfactorily.
Statistical preparation is well under way, notably for the case of monetary data.
Furthermore, the preparation of a number of tools for analysing and monitoring the economic situation in Stage Three is ongoing. Work on the instruments and procedures to be used in EMU is also progressing well. The continuing challenge for central banks is to ensure long-term credibility for monetary policy by sustaining an environment of low inflation. Maintaining price stability will be the ESCB's primary responsibility. With regard to monetary strategy, monetary and inflation targeting are seen as the two main benchmarks in the light of which the choice of the ESCB's strategy in Stage Three will be made.