Developments in import prices, which are influenced by the evolution of the exchange rate of the euro and the price of raw materials, may affect the outlook for prices in the period ahead. Finally, I should like to stress that a pro-cyclical loosening of the fiscal policy stance could also add to upward risks to price stability.
In this respect, when looking at the euro area as a whole on a consolidated basis, current fiscal budget plans are not sufficiently ambitious in view of the favourable economic prospects. Let me now give the floor to the Vice-President to say a few words about other issues discussed by the Governing Council.