##ovenije on the ecb governing council. yes, the ecb rules allow for a substitute to participate in such circumstances. slovenia is the only member of the eurozone with limits on the free movement of labour. when might it change and what effects does it have on the economy and labour market? as you know, we called for the full implementation of the single market as a major improvement of the eu economy as a whole – for all the 490 million people in the eu and 317 million in the euro area. we call also for as flexible and integrated as possible markets in europe and the euro area. i said very, very clearly that it was abnormal that labour movement for slovenia inside the euro area would be limited. it doesn't fit the integration of slovenia into the euro. slovenia's labour force should be free of any restriction inside the euro area. this is one example that i would give very strongly – to say that the economic underpinning of full freedom of movement in a single currency area is very strong. has the ecb any estimate of its own on the impact of the euro introduction on inflation in slovenia? is such an estimate more difficult in a country with a very long period of double pricing ( 16 months )? all the information i have at the moment is that the euro introduction has been a great success in slovenia and the preparation which has been done by the central bank and the government as well as the ecb and the european commission, has been very careful. to my knowledge, the success includes efficiently limiting and avoiding abnormal price increases. i don't think the long period of double pricing should make the estimate more difficult. i think it was a good idea to have a long period.

. third, it is not surprising that we have seen the most significant corrections in markets which had registered substantial capital gains in recent months and weeks. fourth, the ecb, with all other central banks, will continue to monitor the situation very closely : smooth and orderly changes are always preferable to sharp and abrupt corrections, which are never welcome. there is a strong sense that political pressure to limit ecb independence is rising in some countries ( especially france ). does this worry you or is it just an empty threat? a majority of the people of europe says that it is good that the central bank is independent to ensure price stability. the percentage in france is exactly the same as in the euro area as a whole, at 73 % three citizens out of four! we have been made independent by the will of the people. all our democracies had multi - national and multi - party consensus to give the ecb independence. we are the child of a multi - party consensus for independence, which is again fully vindicated by the people of europe. so i am not worried. are you disappointed that most of the attacks are coming from your home country, france? in france, the decision to make the banque de france independent was particularly solemn because it required a change of the constitution of the fifth republic – the constitution of general de gaulle – by a majority of three - fifths in both chambers of the parliament. after this, the people of france voted in favour of central bank independence as enshrined in the maastricht treaty. these critics often point to the fact that the federal reserve has a mandate partly for growth, and the ecb does not. is there any room for some element of this to be placed in the ecb mandate? the fact that our primary mandate is to ensure price stability has been approved by all the democracies of europe and everybody expects us to respect the will expressed solemnly by all our democracies. but i will add that it is the view of all central banks in the world that price stability is a necessary condition for sustainable growth and job creation. that is the reason why so many countries in the industrial world and in the emerging economies have adopted a concept of direct inflation targeting. the overwhelming majority of central banks in the world are given a single mandate to ensure price stability. it is the case in london, in stockholm, in ottawa, in mexico city, in brasilia as well as in frankfurt. my us counterparts, ben