(2007), Financial Globalisation and Monetary Policy, Discussion Paper Series No 6147, International Macroeconomics, Centre for Economic Policy Research. ECB (2006), Effects of the rising trade integration of low-cost countries on euro area import prices, Box in Monthly Bulletin, August. ECB (2007), Financial integration in Europe, Report that can http://www.ecb.int/pub/pdf/other/financialintegrationineurope200703en.pdf. be  downloaded  from:  ECB (2007), Financial Stability Review, June.
The year-on-year rate of change in the consumer price index (CPI, all items less fresh food), which had been minus 0.5 percent just before the introduction of QQE, increased to as high as 1.5 percent in April 2014, excluding the effects of the consumption tax hike.