And that is, the notable differences in performance we now see in certain sectors and regions of our economy. To put these trends in perspective, it is important to understand what drives them.
The key factors at play here are the strong world demand and prices for energy and non-energy commodities, and the decline in the prices of many manufactured goods, but especially consumer goods, because of strong global competition. These developments and the differing economic circumstances across regions are the reason why some people argue for a monetary policy that is differentiated by region.