All this facilitates the public’s understanding of how monetary policy is conducted, fostering the process of transmission of monetary policy decisions to the economy and ultimately facilitating the achievement of price stability. Let me conclude. It may be useful to describe EMU as a long-distance race, with several rounds.
Finally, the labor market remains soft, reflecting the fact that growth in aggregate demand has been so far insufficient to absorb the increases in aggregate supply afforded by higher productivity. A soft labor market will keep a lid on the growth in the cost of employing workers.