On a longer-run, we must keep working on rising human capital productivity by improving public education, investing on social infrastructure all across the cycle, and adopting countercyclical measures to prevent distributional effects in the downswings. Ultimately, this is the most important contribution that we can deliver to our constituents. As policy makers, we have to be careful about our assessment of current economic environment.
Concerning the outlook for price developments, our latest staff macroeconomic projections suggest that the strong upward pressures on headline inflation from recent increases in energy and food price inflation are not expected to fundamentally change the medium-term outlook for price stability.