Considering their high growth potential, however, emerging economies will start leading the global economy again, assuming that they achieve a soft landing through appropriate policy responses, and growth rates of overseas economies are likely to pick up. In Japan, reconstruction-related demand after the earthquake is expected to gradually materialize.
), Background Studies for the ECB’s Evaluation of its Monetary Policy Strategy, ECB, pp. 91-126. Rogers, J.H. (2001), Price Level Convergence, Relative Prices and Inflation in Europe, International Finance Discussion Papers No 699, Board of Governors of the Federal Reserve System. Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung Jahresgutachten 2002/2003: Zwanzig Punkte für Beschäftigung und Wachstum, Stuttgart.