But we think that growth should not be stimulated to the detriment of price stability, as such an action is short-lived and costly in the long term and monetary policy cannot resolve structural problems, in particular structural unemployment, which is important in Europe.
Furthermore, price stability contributes to economic growth by sustaining consumer confidence, an essential element of growth, and by favouring low long term interest rates, these rates being even more important for the financing of growth than short term rates in many European countries.