Another point to consider is that the policy of enhancing the attractiveness of private old-age provision and of Germany as a financial centre – should not be disrupted by a rise in the tax burden. Besides a reduction in the deficit ratio, it is also important not to lose sight of a lower overall burden of taxes and social security contributions.
It is an important relative price, which the Bank monitors closely. •  What ultimately matters is the exchange rate's impact in conjunction with all other domestic and foreign factors on aggregate demand and inflation in Canada. To put it simply, the Bank looks at everything through the prism of achieving our inflation target.