And we want an economy where workers make real wage gains underpinned by rising productivity. That is why we have taken forceful action to restore price stability. We have raised our policy interest rate by three percentage points this year in five steps, and we are reinforcing these increases with quantitative tightening.
The big picture – Germany and the euro area  For nearly four years now the debt crisis has been the most relevant issue when debating financial stability in the euro area. And it remains a topic discussed with some concern. Thus, I am delighted that in early 2014 I can offer some good news.