2  The September FOMC meeting statement further indicates that the Committee will take account of the likely efficacy and costs of such purchases in determining the size, pace, and composition of its asset purchases. See Board of Governors of the Federal Reserve System (2012), “Federal Reserve Issues FOMC Statement,” press release, September 13.
In fact, we have already seen wagesetting developments in some European countries that many observers would have believed impossible just a few years ago. The adoption of measures to increase productivity growth is also essential.