For example, the Federal Reserve's measure of capacity utilization in manufacturing has moved up 2 percentage points during the past nine months, to around 80-1/2 percent, a touch above its longer-run average. Similarly, the unemployment rate has fallen almost 1/2 percentage point from early 2005 to around 4-3/4 percent last month. Nevertheless, the underlying rate of inflation has remained moderate.
The decision on which countries are to participate in Stage Three of EMU is to made in spring 1998, only a little over a year from now, and before that time the Act on the Bank of Finland should be amended so that the EMU requirement regarding central bank independence can be fulfilled.