Wage agreements in particular should be sufficiently differentiated to take adequately  BIS Review 63/2007  1  into account price competitiveness positions, the still high level of unemployment in many economies and sector-specific productivity developments.
Over time we have deepened our monetary and economic analysis and we publicly explained in considerable detail the principles which govern our monetary policy. This includes issues such as the relationship between asset prices, fiscal policy or cross-country diversity, on the one hand, and monetary policy, on the other.