And it is not specific to the euro area. If we were now to start basing our decisions on factors that were not related to price stability, we would jeopardise our mandate. Second, we have a clear and verifiable definition of price stability that we communicated to the public – that is, euro area inflation at below but close to 2% over the medium-term.
In particular, a concerted effort is needed to boost growth via increased investment. More investment in education and training as well as on R&D would put more of the labour force into work and foster new waves of innovation.