Short-run deviations from the primary objective which we observed in past months should clearly not be taken as a reason to end the process of wage moderation which has been so effective in contributing to the reduction of unemployment which we observed over the last years. It is crucial that medium- and long-term inflation expectations remain safely below 2%. 3.
3  Offshore centres: opportunities for Frankfurt as a financial centre  In the past, the internationalisation of major currencies always coincided with the growth of a country’s economic power. In the 19th century, between 60% and 90% of international trade was conducted in British pounds.