In spite of the assessment that the risks to price stability in the medium term are now more balanced, there are still factors posing upside risks which require continued attention. One risk is related to the evolution of wages in the period ahead. It is important that wage moderation continues.
It is just as obvious, however, that countries with a common currency are under a moral obligation to cooperate for the adjustment of the imbalances and to prevent contagion that would destabilize the currency. The measures taken in this regard have significantly enhanced the EU’s capability for effective economic governance even in times of crisis.