The outcome is higher prices in the catching-up countries. In this connection there have been frequent calls for the definition of price stability in the euro area to be increased.11 This is intended to prevent inflationary tendencies in the faster growing economies having to be counterbalanced by deflationary developments in other countries. Several aspects are problematic.
Milestones of our journey so far I. Opening of No-Frills accounts: In November 2005, a new concept of basic banking “no-frills” account with “nil” or very low minimum balance was introduced to make such accounts accessible to vast sections of the population.