  A wider mandate may give too much power to institutions that have limited accountability: often when central banks seek to play a promotional role, the performance of relevant developmental policies is not systematically evaluated and regularly reported on.   Central banks with a wider developmental mandate may face significant political pressure to pursue developmental policies at the expense of stability.
As a result, the share of companies in the euro area reporting labour as a factor limiting production is now higher than ever before (Slide 10, right-hand side). Such a tight labour market at a time when firms are still adding jobs at a considerable pace is usually a good predictor of strong future wage growth.