Moreover, some structural reforms have been implemented and social partners have contributed via wage moderation. One should not overlook these contributions to macroeconomic stability and job creation simply because their positive effects have been diminished by uncertainties and hesitation regarding further reform projects and fiscal policy soundness. Major adverse supply shocks in recent years have also to be taken into account.
The definition was useful both in times of increased inflationary pressure – not least in the first half of 2008 when oil prices were high – and in times when risks of deflationary developments were being discussed by the markets – as occurred during the peak of the financial crisis in autumn 2008.