So we do think the basic inflation mechanics remain as usual and it’s just important in this period of below-target inflation that we address it through easy conditions.
It’s a Philips curve argument and here it’s been debated ad nauseum for the last couple of years why we’re not seeing a sufficient response in the United States to wage growth that has been north of 3% annually for the better part of a year. Are you miscalculating where the natural rate of unemployment in Europe is?