MUST CONTINUE TO MONITOR WAGE DEVELOPMENTS CLOSELY
WAGE PARTNERS MUST UNDERSTAND HICP SPIKE TEMPORARY
IF NO MORE PRICE SHOCKS, HICP SHOULD SOON SLOW
OIL/EURO FX PASSTHRU STILL AFFECTING EMU INFLATION
WEAKER EMU GDP THAN NOW EXPECTED MAY CUT HICP MORE
EURO FX RATE IMPORTANT INDICATOR FOR HICP OUTLOOK
INFLATION SUBJECT TO 'UPWARD EFFECTS' IN MAY
CANNOT POSTPONE EMU BUDGET CONSOLIDATION EFFORTS