On 31 May, the Bank issued its latest policy rate announcement. These provide the basis for my comments today. Please bear in mind that the Bank’s next full economic analysis will be published in the upcoming MPR, which will be released on 20 July 2011.
What I would not favour personally is putting numbers on the forward guidance, by putting thresholds or triggers. An unemployment threshold in our case doesn’t make sense because we don’t have a single labour market in the euro zone and we have a primary price stability mandate.