Over the next couple of years the pressure on wages should start to feed into inflation. Things are evolving in the right direction. We’re not trapped in a low inflation environment.”  You’re happy that inflation is returning? Praet: “We currently have increased confidence in the path of inflation that we have outlined in our forecasts.
But before we can start scaling back our policy, even gradually, we’d like to see further confirmation. We believe that the output gap (the gap between potential production and real production, Ed.) will have closed by 2019, and that price pressure will follow as a result.