A systematic approach to attract skilled labour from abroad, whose expertise is needed here, would represent a major contribution to helping cushion the impact of an ageing society on the labour market. Yet it is just as important not to surrender any of the progress that has already been achieved on the labour market.
However, in ultimately assessing price stability, I consider that greater attention should be paid to households’ price perceptions and their inflation expectations together with firms’ price-setting behavior, as I will now explain.