As regards the means available to improve cost-competitiveness, it was necessary to recognize that the usual measures of wage moderation did not bring about any improvements in the situation, given that the increase in wages and prices was exceptionally slow elsewhere, too.
The decision and its underlying rationale demonstrate continuity and do not in any way indicate a paradigm change to short term demand management. By doing so, the decision contributes to creating an economic environment in which the considerable growth potential of the Euro area can be exploited.