6  See P Gerlach-Kristensen: A two-pillar Phillips curve for Switzerland, mimeo, 2006. 7  See O Issing: The role of macroeconomic projections within the monetary policy strategy of the ECB, Economic Modelling, Vol. 21, 2004, p 725.
In the scenario where we want as much as possible to be unchanged, the additional income handed to us by the change in global relative prices all has to be used offshore, one way or another.