much trust in the absolute figures regarding caps. for me there is only one objective : to maintain price stability. that means we both need to have the credible prospect of returning to our objective of close to but lower than 2 per cent inflation, and we must ensure that expectations are not disanchored. if, thanks to the fall in the oil price, inflation, which was already very low, were to remain too low for too long, we would need to act to continue to ensure the credibility of our goal. there doesn ’ t seem to be a consensual view in the governing council? c. n. on all new measures, there has always been a lot of prior discussion, after which we have always managed to make a decision. the debate is not only about whether we should do it at all but also about when we should do it. some believe that should have started buying bonds months ago, others think that we should do it maybe later or that we should do it straightaway. there are not two opposing camps ; it is much more complex than that. and many of us have held certain views but have changed their minds over time, wondering whether quantitative easing was the only way to maintain price stability. whatever we do, it bis central bankers ’ speeches must be a common eurosystem programme, in which all national central banks take part, with clear rules and coordinated by the governing council. no one should be excluded, no one should be allowed to purchase more than others. we have had negative inflation figures last week. isn ’ t that an argument to start now? c. n. this is not about negative inflation figures at a point in time, but rather about the risk of having either negative of very low inflation for a too long period of time. expectations could then change, resulting in less consumption and less investment. the credibility of the ability of the ecb to keep price stability must not be jeopardised. should the ecb limit its purchases to highly - rated bonds? c. n. it is too early to answer your question. but if we were to step in, we would have to be very attentive not to disturb the way the market values the various risks and spreads. one way to avoid this would be not to buy too many bonds in the same market segment. has the french government done enough do reduce the fiscal deficit and to improve the conditions for growth? c. n. social contributions must be reduced, which is

eurosystem, which is the guardian of the euro for the sake of the people of europe, knows that our fellow citizens want the single currency to be at least as solid as were their previous national currencies : in france, to give only one example, 96 % of the people are calling for the euro to be at least as solid as the franc ; needless to say that it is the same in germany and in all other countries of the monetary union. that is the reason why i fully subscribe to the declaration of our president, wim duisenberg, in the name of the governing council : “ european citizens can be assured that the future of the euro is that of a strong currency, based on price stability and the strength of the european economy. ” a stable, a solid, a strong euro is in the interest of europe. – on the people ’ s republic of china, i would like to praise the highly responsible attitude which has been adopted by beijing during the asian crisis. china has played a decisive role in helping stabilize the full body of the region and has gained an immense credit not only in asia but in the global community as a whole. i entirely share the sentiment of premier zhu on the role of the prudent monetary policy of the people ’ s bank of china in that success. i have been impressed by the quality of the contributions delivered in the occasion of the 21st century forum. if there is a lesson i draw from the exchange of views, here under the auspices of the national committee of the chinese people ’ s political consultative conference, it would be the decisive importance of foreign direct investments in the development of the economy of china. fdi ’ s are the best recipe for a successful and balanced globalization.