So, do wage rigidities build a valid case against very low inflation for modern economies where means of communication and economic literacy have progressed as never in the past? Is the case for positive inflation predicated on wage rigidities perhaps over-stated and based on a macroeconomic and institutional landscape that have long ceased to exist?
Europe has to show that it is taking its destiny into its own hands. Last Thursday you took part in the Eurogroup meeting on Greece. Are you satisfied with the agreement? Will the debt relief granted be enough? This is a turning point for Greece and for Europe. Greece can now free itself from European stewardship.