"[The important role of monetary policy in raising interest rates to stop the upward spiral of prices due to expectations and demands for wage increases in response to the rising cost of living is clear from this statement:] It is imperative to secure that medium to longer-term inflation expectations remain firmly anchored in line with price stability. All parties concerned, in both the private and the public sector, must meet their responsibilities. Broadly based second-round effects stemming from the impact of higher energy and food prices on price and wage-setting behaviour must be avoided. On second-round effects, again, our message is clear. We consider it is of the essence that we do not have those phenomena. "
Jean-Claude Trichet
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