At the same time, though, it is maintaining that inflation should remain below, but close to, 2%. How does that fit together? First and foremost, it means that we combat deviations above that aim and below that aim with the same determination.
If prices and costs in a particular economy are permanently above that level, with spiralling of nominal inflation and nominal wages, in particular there will be unavoidable losses in competitiveness and less growth and less job creation. Q. Does that apply to Spain in particular? A. To all countries, without exception, and of course to Spain also. This is a very important message. Q.