At the same time, I should like to point out that we must not give the false impression that the short-term impact of necessary monetary policy actions on real activity will always be favourable.
Situations may occur, for example when wage settlements jeopardise price stability, or when there is a short-term trade-off between adverse developments in real activity, on the one hand, and deviations from price stability on the other. In this case, it is important that the overriding priority of maintaining price stability is absolutely clear.