If exchange rate developments pose a threat to price stability in the euro area, this threat will be taken into account together with the information on price developments revealed by all other indicators. Monetary policy does not react mechanically to developments in a single indicator or forecast.
18  See the World Bank web site www.doingbusiness.org. 19  Eurostat data. 20  See G. Schwerdt and J. Turunen (2005): “Growth in euro area labour quality”, ECB Working Paper Series, No 575, January 2006. 21  OECD (2005) “Education at a glance”. 22  OECD (2005) “Education at a glance”.