If nominal wages do not immediately respond, the growth in labor costs will fall by precisely the same amount as the increase in the growth of labor productivity. In this case, the direct disinflationary effect simply equals the acceleration in productivity.
As stipulated by the Treaty, any other consideration should be subordinate and without prejudice to delivering on our primary mandate. Regarding the stability of the financial sector, our new strategy explicitly considers the interactions of price stability and financial stability, reflecting our belief that each is a precondition for the other.