a reliable global financial safety net before the next crisis and co - ordinate its different layers. this should include an “ imf standing liquidity facility ”. the global financial safety net is the best insurance we can get against the risks created by economic divergence and it comes at a limited cost. * * let me conclude by quoting voltaire, who wrote in 1770 : “ doubt is an uncomfortable condition, but certainty is a ridiculous one. ” 4 in these times of doubt, we as central bankers should be predictable without being pre - committed – or, as voltaire would say, we should give clarity without pretending to certainty. this is precisely the objective of governing council of the ecb : we are committed to give as much clarity as possible ; clarity, not certainty, which is neither possible nor desirable. thank you for your attention. 1 brainard, w. ( 1967 ), « uncertainty and the effectiveness of policy » the american economic review, vol. 57, no. 2, papers and proceedings of the seventy - ninth annual meeting of the american economic association, may, pp. 411 – 425. 2 blinder, a. ( 1999 ), central banking in theory and practice, the lionel robbins lectures, mit press, cambridge massachusetts. 3 rey, h. ( 2013 ) “ dilemma not trilemma : the global financial cycle and monetary policy independence ”, jackson hole conference proceedings, kansas city fed. 3 / 4 bis central bankers'speeches 4 letter to frederick william, prince of prussia ( 28 november 1770 ). 4 / 4 bis central bankers'speeches

both sides of the atlantic, the monetary answer has its differences too. - and this brings a second frequent question : what about the destination of the journey? frankly, it ’ s too early to tell : we know the final rate of inflation, 2 % ; but we don ’ t know yet the « terminal interest rate », or the policy rates that will ensure a timely return of inflation to our target, while seeing no reasons for increased expectations on these. let me rather give some light on the first part of the journey, the normalisation till neutral rate ; for sure it ’ s unobservable, but this one can be estimated, in the euro area at below or close to 2 % according to me. i sometimes use a simple metaphor : as long as it is about lifting off the accelerator, we have to act for sure, in a determined but orderly way, and we should be there by the end of the year. afterwards, the question could come of pressing the brake, and tightening if needed : but this part of the journey remains today an open question, and will deserve further assessment and reflection, in due time. let me only stress one last and obvious point of yesterday ’ s decision : it marks the return of interest rates in positive territory. this historical step brings with it multiple dimensions that need to be revisited : on our operational framework, on our tltro operations, on our remuneration mechanisms of bank ’ s reserves. this is a matter that, as christine lagarde said yesterday, we will take up without delay. may i add that with a long view, monetary policy cannot be the only game in town? europe also needs to solve its supply constraints and challenges, and this refers to two structural policies : first, energy transition, starting with the revision of the too volatile pricing of electricity ; second, better training and employability of the labour force. we cannot remain in many european countries including france with so severe labour shortages while still being above 7 % unemployment. page 3 sur 3 * as a conclusion, let me quote a famous franco - czech writer, milan kundera : “ the novelist teaches the reader to comprehend the world as a question. [ … ] in a world built on sacrosanct certainties the novel is dead ”. for us central bankers, only one thing is certain, but it is key : we will do everything in our power to fulfil our price stability mandate. and like in good novels, we