Examples of using Second-round effects in English and their translations into Polish
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A further crucial assumption is that there will be no broad-based second-round effects on wages.
It remains committed to preventing second-round effects and the materialisation of upside risks to price stability over the medium term.
Although energy prices rose rapidly,core inflation declined, indicating that the oil price hike did not have any significant second-round effects.
Given past oil price rises,there is a continued need to avoid second-round effects in wage and price-setting throughout the economy.
Iii be vigilant that second-round effects from the high inflation in 2004 do not affect the inflation convergence path envisaged in the programme.
It is therefore crucial that all parties concerned meet their responsibilities and that second-round effects be avoided.
The emergence of indirect or second-round effects from energy price increases remains a risk, though there has been no indication of significant spillovers so far.
Nevertheless, future developments in commodity markets,as well as the capacity to contain second-round effects, will be key for the inflation outlook in both regions.
Moreover, higher than expected wage growth may emerge, taking into account high capacity utilisation,tight labour market conditions and the risk of second-round effects.
The Governing Council remains strongly committed to preventing second-round effects and the materialisation of upside risks to price stability over the medium term.
In addition the Governing Council is stronglyconcerned that price and wage-setting behaviour could add to inflationary pressure through broadly-based second-round effects.
Against this background, the Governing Council remains committed to preventing second-round effects and the materialisation of upside risks to price stability over the medium term.
For this to materialise as early as possible, it is of the utmost importance to maintain discipline anda medium-term perspective in macroeconomic policy-making, as well as to avoid second-round effects.
By acting in a firm and timely manner, it will prevent second-round effects and ensure that risks to price stability over the medium term do not materialise.
However, the recent strong decline in commodity prices, together with a marked weakening of the growth outlook anda related easing of the labour-market situation, reduces markedly the risk of second-round effects.
More fundamentally, the main risks to the inflation outlook stem from potential second-round effects in wage and price-setting behaviour triggered by ongoing oil price rises.
Risks to this scenario remain on the upside and include further rises in oil prices, additional increases in administered prices and indirect taxes,as well as-- more fundamentally-- potential second-round effects in wage and price-setting behaviour.
This action underlines the Governing Council's strong determination to prevent second-round effects and maintain longer-term inflation expectations firmly anchored in line with price stability.
We are also calling on the price-setters in general- corporate businesses, the production sector, retail businesses- to incorporate the fact that we will deliver price stability over the medium term so thatwe do not have second-round effects in this domain.
By acting in a firm and timely manner on the basis of its assessment,the Governing Council will ensure that second-round effects and risks to price stability over the medium term do not materialise.
In addition, it remains prepared to act pre-emptively so that second-round effects and upside risks to price stability do not materialise and, consequently, medium and long-term inflation expectations remain firmly anchored in line with price stability.
Concerns relate in particular to future oil price developments and, more generally,to the potential risk of second-round effects in wage and price-setting throughout the economy.
It is absolutely clear that those economies which let the second-round effects gallop and had inflation on a lasting basis had both inflation and very low growth, and it was the start, in a large number of economies in Europe, of mass unemployment that we are still fighting and on our way to eliminating.
At this juncture,it is imperative that all parties concerned meet their responsibilities and that second-round effects on wage and price-setting stemming from current inflation rates be avoided.
This not only takes into account current wage settlements and the projected, only modest,improvement in labour market conditions but also embodies the assumption that the large rise in oil prices will have no significant second-round effects on nominal compensation.
In particular, for the recent increase in inflation to remain temporary, it is of the essence that no second-round effects materialise via an impact from current inflation rates on wage and price-setting behaviour.
Risks to this outlook for price developments remain on the upside and include further rises in oil prices, a pass-through of oil prices into consumer prices stronger than currently envisaged, additional increases in administered prices and indirect taxes,and-- more fundamentally-- potential second-round effects on wage and price-setting behaviour.
It is therefore crucial that all parties concerned meet their responsibilities and that second-round effects on wage and price-setting stemming from recent commodity price rises be avoided.
This projection not only takes into account current wage settlements and the projected modest improvementin labour market conditions, but also embodies the judgement that second-round effects of higher oil prices on nominal compensation will remain contained.
At this juncture,it is imperative that all parties concerned meet their responsibilities and that second-round effects on price-setting, on the one hand, and on wages, on the other hand, stemming from current inflation rates be avoided.