At the same time these are questions to which the public expects clearer answers, even from us central bankers, which should further motivate us to face the issues. However, great challenges also bring great opportunities, to become better, and more accountable: to people, to nature and, after all, also to money.
With regard to price developments, annual HICP inflation was, according to Eurostat’s flash estimate, -0.6 % in July, compared with -0.1% in June. This further decline in annual rates of  BIS Review 96/2009  1  inflation was anticipated and reflects primarily base effects resulting from the peaks observed in global commodity prices a year ago.