Is Deflation a Monetary Phenomenon? I will return to the reasons behind the weak response of the economy to the strong monetary easing policy. Instead, here, I would like to pose a question: Is it fair to say that the insufficient monetary easing is causing continuous price declines and stagnant economic growth?
Despite some progress, further financial integration is particularly needed in a number of areas, including in retail banking. iii)  Labour mobility constitutes the third feature I should like to mention. Lack of openness in some countries increases risks of wage pressures as labour markets tighten.