Consumer prices remain weak. In relation to price developments in the future, there is a possibility that prices overall, which have been on a downtrend, will temporarily level off reflecting the rise in import prices. However, distinct narrowing in the output gap is unlikely for the time being even though the economy has stopped deteriorating, and wages continue to decline.
The exchange between the two institutions has always proved rewarding; and it is a pleasure for me to follow up on this tradition today at the Frankfurt Finance Summit. Almost five years have passed since the eruption of the global financial crisis.