However, it should not be seen as the Holy Grail for all countries. One of the fears in a time of globalization has been workforce mobility between countries and the risk that a generous welfare system would attract too much foreign labour. As it has turned out mobility in the new EU member states is higher than from in older member states (slide 18).
In the July 2020 Outlook Report, the forecasts of the majority of the Policy Board members for the year-on-year rate of change in the core CPI are in the range of minus 0.6 to minus 0.4 percent, 0.2 to 0.5 percent, and 0.5 to 0.8 percent for fiscal 2020, 2021, and 2022, respectively (Chart 6). The background to these forecasts is as follows.