3.1  The June decree law  The June decree law aims to reduce net borrowing with respect to the current-legislation projection by € billion in 2009, € billion in 2010 and € billion in 2011.
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?