On the other hand, it needs to be recognised that this high figure is not the result of protectionist economic policy measures, and that the recent rise is caused, not least, by the devaluation of the euro – also linked to the divergent monetary policy on both sides of the Atlantic – and by the fall in energy prices.
Secondly, the adoption of inflation targeting required greater public visibility and thirdly, a mandate to the central banks, either explicitly or implicitly, for maintaining financial stability in a world where the financial markets and their expectations matter.