This has been in line with the assumption underlying currently available economic forecasts, namely that the oil price increases which we observed until March will partially unwind in the course of the year.
The difference is largely due to economic policy choices – the United States has seen a significant fiscal stimulus, whereas Europe has not. The United States is less restricted, fiscallyspeaking, and enjoys the privilege of the US dollar’s international position. The US was also able to restore the health of its financial sector at an earlier stage following the crisis.