(Recall the cut in civil servants’ salaries in the 1980’s.) The rationale for setting up a savings fund is a bit more complex and incorporates both economic and ethical considerations. It says that natural resources are an exhaustible asset, the benefits of which should be spread over generations.
Viewed from this angle, this could also entail limited price risks for the period ahead. While the economic outlook is running counter to inflationary pressures, the euro exchange rate must be watched very closely for possible risks to price stability. Let me again stress our utmost interest in a strong currency.