It entails that inflation has to move in line with our aim of below but close to 2 % in a sustainable way. This requires that three criteria, namely 3/5  BIS central bankers' speeches  convergence, confidence and resilience, have to be fulfilled.
However, the marked weakening of economic activity and the modest share of inflation-linked wages in the area as a whole may limit, as of now, the risks of a spiral between prices and wages. Last Thursday, the ECB Governing Council raised official interest rates by 0.75 percentage points, bringing the overall increase since 21 July to 2 points.