In general, policies to foster a sufficient degree of competition in the labour, goods, services and capital markets, to create a business-friendly environment for investment and innovation and a high degree of wage and price flexibility need to be given priority in the agenda of the national policy makers.
If this option did not materialise, it was in my understanding because the monetary analysis was not only not confirming the downward risks to price stability suggested by the economic analysis but was tilting in the other direction. We maintained rates at the level of 2% and again, with the benefit of hindsight, that decision seems to me clearly vindicated.