Dow Jones - It's true that we are attaining very high levels of inflation in the euro zone due to external shocks, such as increasing raw material and oil prices, as well as the VAT (value-added tax) hike in Germany. We must make sure that inflation goes back to 2% quickly in order to protect purchasing power and to prevent inflation expectations from accelerating. It's good not to overreact to these shocks, but the ECB must do everything to prevent a snowball effect, to avoid a second round of increases in salaries and margins.