I am confident that if fiscal policy and the social partners also make their contribution, the longer-term prospects for the euro area will be favourable and the euro area will become an increasingly attractive and dynamic location. I have no doubts that under such circumstances the success of EMU in the past shall continue into the future.
True, if there is inflation, it is easier to do the budgeting, to plan, to breathe, etc. because if your prices are changing all the time and your exchange rate is unstable, you will never really be comparable with the rest of the world, as today’s calculation will simply not apply tomorrow, let alone the day after.