Trichet: In the long run it is important that national inflation is close to and oscillates around the average, which we know in advance will be less than 2%, but close to 2% over the next ten years (as it has been for the last 12 years).
The main danger for any country is to be trapped in a spiral of cost, wage and price increases, which would lead to a deterioration of its competitive position. One has to look very carefully at the unit labour costs in each country.