The absence of an economic hegemon does not imply instability, but rather that more international cooperation is needed to ensure stability. This is where I see a crucial role for Europe in global economic governance in the future.
We also pointed out that total CPI inflation would continue to be importantly affected by swings in crude oil prices and that it would likely fall temporarily below the core rate in the first half of 2004 before steadying out at a rate close to core inflation.