Dr. Kieran McQuinn:

I take the points made by Professor McMahon but there are noticeable differences between the euro area and the United States, for example. The key issue is wage-price spirals, and there is a lot of indication from the United States about a pick-up in wage inflation and even feeding into expectations. It is very much less so the case in the euro area. The recent increase in rates was somewhat understandable in terms of setting or influencing expectations. Some of the most recent talk about the 0.75 basis point move-----