It should be noted that, statistically, the year-on-year rate of change in the CPI will decline for a year due to the introduction of subsidies for high school tuition and other policy measures in fiscal 2010, but in assessing the trend change in prices, it is necessary to exclude such one-off factors.
A frequently-heard complaint in Germany is that savers are worse off. Those who also have every right to complain are those who lose their job because the economy is too weak owing to inadequate policies. Can the ECB afford to run counter to the ideas on monetary policy in the largest country in the euro area, Germany?