As I see it, this illustrates yet again the ongoing pressure on monetary policymakers to take action. Moreover, inflation could be fuelled further if corporate profits and wages increase more strongly than expected. To sum up: The surface of our engine isn't quite as hot as it used to be.
These interactions are therefore fundamental for the fulfilment of our strong commitment to excellence in economic analysis and research at the ECB, which is reflected in our  1  BIS Review 97/2000  series of Working Papers and periodic bulletins. The close collaboration between the ECB and the academic world mirrors what is occurring more broadly between academia and the new knowledge-based industries.