The euro zone has been hit a little by developments outside, not predominantly because of international trade but more as a result of the negative impact on confidence in the business sector, he said. The Federal Reserve has taken monetary policy decisions which it considers appropriate for the U.S. and the ECB has done what it considers appropriate for the euro zone, he added. The ECB has to take a medium-term view and ensure that there are no second-round inflation effects from the rise in headline inflation, and has therefore kept interest rates unchanged and continues to do so, he said. The ECB tries to avoid abrupt changes in monetary policy and does not like to move interest rates up and down in a dramatic way, he said.