At the same time, expenditure will rise as a result of demographic change. The bottom line is that public finances will come under increasing strain and, in the absence of adjustments, are not sustainable. The options are either higher social contribution burdens or more debt.
o  Should the recent increases in the prices of diverse international commodities imply a reassessment of monetary policy actions, over and above the response to the effects these events may have on the traditional variables to which monetary policy typically reacts? o  Does the flattening of the Phillips curve has any implications for the design and conduct of monetary policy?