, while monetary liquidity remains ample with the potential to accommodate price pressures in the euro area. all in all, it is essential that the recent price developments do not give rise to broad - based inflationary pressures over the medium term. our decision will contribute to keeping inflation expectations in the euro area firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 % over the medium term. such anchoring is a prerequisite for monetary policy to contribute to economic growth in the euro area. at the same time, interest rates across the entire maturity spectrum remain low. thus, bis central bankers ’ speeches our monetary policy stance remains accommodative, lending support to economic activity and job creation. as expected, recent economic data indicate some deceleration in the pace of economic growth in the second quarter of 2011. while the underlying momentum of economic growth in the euro area continues to be positive, uncertainty remains elevated. we will continue to monitor very closely all developments with respect to upside risks to price stability. turning to fiscal policies, the current environment is very demanding and requires decisive action. euro area countries must, as a minimum, comply with their fiscal consolidation commitments for 2011 and beyond, as foreseen under the respective excessive deficit procedures. adequate and more frontloaded adjustment should ensure that structural fiscal consolidation targets are met, in line with the ecofin council recommendations, and any better than expected economic and fiscal developments should be exploited to achieve faster deficit reduction. the announcement of fully specified consolidation measures for 2012 and beyond is essential to convince the general public and financial market participants that the corrective policies will be sustained and that public debt developments will be put on a sustainable path. at the same time, it remains essential that substantial and comprehensive structural reforms are urgently implemented in the euro area to strengthen competitiveness, flexibility and longer - term growth potential. this is particularly relevant for countries with high fiscal and external deficits or with past losses in competitiveness. we welcome the introduction of the european semester, including the recent submission of countries ’ national reform programmes that incorporate commitments made under the euro plus pact. we also support the european council conclusions calling for more ambitious and well - defined reforms that should be frontloaded in order to foster competitiveness. in addition, the removal of labour market rigidities would strongly support the adjustment process. measures which enhance wage flexibility, such as the elimination of automatic wage indexation, would help to accomplish the necessary adjustment. we are now at your disposal

could be said that we are looking for a new stability. cavour ’ s mastery at using the ties and influences he had to take into account to the country ’ s advantage is striking to everyone, not just historians ; and not only international ties and influences, which were extremely important for a leader of a second - tier european power, but also ones inside the diverse risorgimento movement. in fact, he also had difficult relations with italian democrats, who were supporters of the republic and of universal suffrage, distrustful and hostile towards him, and above all enjoyed more public support than him, but with whom he could not do without. he was able to make precise calculations, conscious of how important their support was, and struck essential compromises, while, for all intents and purposes, holding onto control of the political initiative. the necessity of a non - provincial culture for this strategy to be successful, it needed to be supported by a non - provincial culture. his was a european one, to an extent that was extremely uncommon for an italian politician of his day. this was also for family reasons : it is well known his mother was originally from geneva and, during his formative years, cavour would look beyond the alps, particularly at the political unrest 1 / 3 bis central bankers'speeches in france under louis philippe i and at british industry. through cavour ’ s actions, europe found an important channel for influencing the culture of the ruling class in piedmont under the savoy and then of unified italy. political progress is never separate from economic progress for cavour, progress in europe meant progress with the liberal agenda, in terms of both politics and economics. thus “ the political regeneration of a nation is never separate from its economic regeneration. when a people governed by a benevolent prince progresses in the way of civility, it must of necessity progress in wealth and material power. the conditions for the two kinds of progress are identical. ” ( cavour, influenza delle riforme sulle condizioni economiche dell ’ italia, risorgimento, 15 december 1847 ). from a more specifically political perspective, the freedoms of individuals and national unity were considered binding for liberals of cavour ’ s ilk ; it is from this that we get, among other things, the phrase “ civium libertati patriae unitati ” ( freedom of the citizens, unity of the land ), which was inscribed 50 years after unification at the