We have to ensure that price setters and social partners fully understand that we are there to deliver price stability in the medium term at less than 2%, close to 2%. It would be for them a big mistake to think that the present hump in the CPI inflation signals the level of inflation in the medium term.
Because we are there to take decisions that will prevent this. That’s why there is an independent central bank – to ensure price stability over the medium term. 2  BIS central bankers’ speeches  Q. Are you seeing excessive wage increases? A.