Inflationary pressures in the eurozone remain high, according to Klaus Liebscher, a member of the European Central Bank's governing council member. Liebscher called on public sector institutions and social partners within the eurozone to pursue a "reasonable" approach in their price setting practices. Liebscher said his appeal for economic actors to follow "a path of moderation" was directed both at public authorities with regard to their role in setting fees, as well as at businesses and trade unions in the context of collective wage agreements. "Certain indicators suggest that specific second-round effects are starting to appear," Liebscher told journalists, adding that these indicators were less pronounced for Austria. While developments in the financial markets have led to a general preponderance of downside risks, the European Union and eurozone countries continue to operate in a more favourable macro-economic environment than that of the United States, according to Liebscher.