Another aspect of euro area inflation that is currently discussed and examined is its dynamics - or more specifically - its persistence.
As regards the other elements of policy that do not depend on the central bank, let me stress the three areas where sound policies are absolutely of the essence: sound fiscal policies, fully in line with the Stability and Growth Pact; structural reform policies, fully in line with the Lisbon program and the achievement of the Single Market; and appropriate monitoring of the relative cost competitiveness indicators in the euro area.