translate English to French: On the basis of these assumptions, the ECB’s reference value was set at 4½% per annum by the Governing Council in December 1998. Since no new decisive evidence had emerged which would have led to a significant change in the underlying assumptions, the reference value was confirmed in the Governing Council’s December 1999 and 2000 reviews.
En cas de hausses excessi´ ´ ves des salaires, il existe un risque de creation d’une spirale auto-alimentee de ˆ hausse des couts, des prix et des revendications salariales.