SPEECH - In the speech 'The monetary policy and operational framework of the Eurosystem' John Hurley of the Central Bank of Ireland said as regards the conduct of monetary policy, the Governing Council has a good record in maintaining price stability over the last four years, but we are currently living in uncertain times. To the extent that activity remains weak, inflation could fall by more than we projected last December. If this looks like happening, we will have to reflect further on the