We are there to tell households as well as enterprises, all social partners, that we will maintain price stability – less than 2%, close to 2% – in the medium term and that they have to take that into account when they are fixing their own prices. 5. What do you mean by second-round effects?
I mean all the price increases that would be wrongly based on the hypothesis that the inflation would remain as high as it is today in the years to come. Today price setters and social partners must take into account that we will be back to price stability – in line with our definition – say over 18 months. 6.