At the same time, I admit that public perceptions of current inflation (as opposed to expectations of future inflation) have deviated significantly from the inflation recorded in some countries over the past three years following the cash changeover to the euro.
This has been a cause for concern, not least because a negative attitude towards the euro could undermine the generally favourable expectations about future inflation. Fortunately, this gap between perceived and actual inflation, despite its puzzling persistence, has narrowed recently and should be eliminated soon.