But consolidation must take priority over any discussions about further tax breaks. |
Germany is without a doubt dependant on exports and as such on the world economic situation, but not to the same extent as two years ago. |
In Europe at the moment there is still quite a strong slack in the economy. We've said that rates are still appropriate, |
In light of the current economic and monetary development, inflation risks still exist. |
Relevant signals from the money supply dynamic do not automatically lead to corresponding monetary policy decisions. |
The accumulation of price increases has increased risks of second-round effects. |
The high oil prices are surely not wholesome for the economy. |
The inflation risk in the short, medium and long term have risen. |
We are in the second phase of the recovery. |
We will ensure that, even in an environment of rising inflationary risks, the ECB will make an important contribution to growth by anchoring inflation expectations. |
When we did our September forecasts, we were already in an environment where oil prices were high and were expected to remain high. So by and large, so far, the European economy is still on track. |