Next, I would like to shed light on the concept of aggregate supply and demand balance (hereafter the “output gap”) and explain my view of how that is related to prices and wages. Afterward, I look forward to hearing your candid opinions about the contents of my speech as well as your thoughts about the situation facing the local economy. II.
In this regard, I appreciate assurances by European leaders to the effect that QE must not substitute structural reforms. However, I have to admit that they made me think of a famous quotation from Goethe’s Faust: Die Botschaft hör ich wohl, allein mir fehlt der Glaube – I hear the message well, but lack Faith’s constant trust. 4.