In all EMU countries, inflation was pushed up by rising oil and food prices and the decline in the exchange rate of the euro. In the Netherlands, however, this development was compounded by the unusually low rate of unemployment reached well before the cyclical peak in output.
I am happy to say that we can expect some major activities and events for the capital markets in the future. In March this year, the Reserve Bank established the first Capital Markets Development Taskforce. The members are Daryl Tarte, Bob Niranjan, Norman Wilson, Pradeep Patel, Lisa Apted and myself as Chair.