In this rather unstable world, it is hardly surprising that countries have resisted the upward pressure on exchange rates that accompanies big capital inflows, because they feel (with some justification) that it makes them vulnerable to later sharp depreciation.
This is the case for public investment, especially in countries with room for manoeuvre, while private investment is being held back by the restructuring of balance sheets. The emerging economies are also having an impact on external demand. Inflation is expected to rise again at the beginning of next year owing to base effects on energy prices.