Central banks can cater for such risks in their monetary policy frameworks by acting with the same determination to downward and upward deviations from their inflation aims. This is why we are already today stressing our commitment to symmetry in our introductory statements summarising our monetary policy decisions.
Considering the significant influence of industrial relations in the productivity of the work force, I am hopeful that all tripartite parties including the trade unions will realise the win-win potential of promoting productivity in the work place.