Allowing businesses and households to plan and operate without worrying about increases in the general price level over the long run is how we contribute best to fostering economic efficiency and rising standards of living.
This is why the ECB has always encouraged the implementation of structural reform within the so-called Lisbon strategy, which was set in place by a meeting of the European Council of Heads of State and Government, in Lisbon in May 2000. Five years later, progress has been made in some areas - as also indicated by an increase in the euro area employment rate.