A credible targeting of inflation and the maintenance of the announced target in all circumstances have also created a favourable climate that  BIS Review 20/2000  8  may positively affect the outcome of the impending wage agreement.
The behaviour of economic agents might also be influenced by awareness of the consequence of a regime change: the exchange rate instrument will no longer be available as a solution to competitiveness losses once Greece has become a full member of the euro-zone.