All of the individual programmes ultimately have social policy objectives. But it pays to at least be aware of the side-effects. The importance of these side-effects is growing in the light of globalisation and demographic change. Do you truly see the opportunity for far-reaching change to occur? Ever since Agenda 2010, society seems to have become rather anti-change.
After hitting 2.0 percent in February, its highest reading since January 2013, inflation has retreated to 1.4 percent in May. The oil-price effect has subsided and once again the onus is on economic growth to generate inflation. The Governing Council of the ECB puts a strong emphasis on underlying inflation.