By focusing on the maintenance of price stability over the medium term, the ECB is making an essential contribution to the achievement of this objective. At the same time, it is of paramount importance that all policy actors help to maintain the current favourable outlook for growth and inflation in the euro area.
First, it is crucial that social partners continue the process of wage moderation seen in the past. This will not only facilitate the task of monetary policy, but will also contribute to continuing the process of reducing unemployment in the euro area.