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The subject of this session requires a number of core issues to be addressed, pertaining to the effective conduct and successful performance of monetary policy. It is a subject not only of academic interest but one that also has important policy implications. The choice of this topic is very appropriate for a conference organized to mark the fiftieth anniversary of the Deutsche Bundesbank, a great institution which has been very successful and influential in the conduct of monetary policy aimed at preserving price stability. I am delighted to participate in this celebration and thank you for this invitation.