We are pleased to observe that analysis of survey-based measures of inflation expectations suggests that central bank leverage on expectations has become much stronger since the establishment of the euro.
11  10  See L. Christiano, R. Motto and M. Rostagno, “Financial factors in business cycles”, presented at the IMF-IRF Conference on DSGE Modelling at Policymaking Institutions: Progress and Prospects hosted by the Federal Reserve Board of Governors (Washington, 2-3 December 2005).