As such, it is likely to be exerting some further restraint on non-oil demand, which would, all other things equal, tend to dampen pressure on non-energy-related prices over time. On the information available at present, we still expect inflation to fall back to 3 per cent by mid 2010, and to continue declining gradually thereafter.
Benefits of EMU  The successful implementation of the stability-oriented monetary policy of the ECB has been of undeniable benefit to the euro area economy, both directly by maintaining price stability and indirectly from the lower volatility in real economy variables that price stability facilitates.