It were to be wished that the words "full employment" themselves, which have become so closely associated with the inflationist
policy, should be abandoned--or that we should at least remember the sense in which this was the aim of classical economists long before Keynes: John Stuart Mill reports in his autobiography how "full employment with high wages" appeared to him in his youth as the chief desideratum of economic policy.
I am especially concerned by the fact that local inflationist
pressures continue to be intense, compared to the rest of the eurozone, undermining the economy's competitiveness," he added.
aaa He also explained that the inflationist
tensions, which marked the local market of goods and services in 2007 and 2008, would abate in 2009, following the fall in the prices of imported raw materials, notably oil.