It is now more important than ever for us to stay the course as continued price stability is the most crucial pre-requisite for sustained economic growth and development in the years ahead. 5.
This said, we will of course remain vigilant with respect to the possibility of an impact on inflation rates in the first months of this year. Over the long run, however, downward pressures on prices should predominate in the euro area, thanks to the increased transparency and stronger price competition the physical introduction of the euro has been inducing.