This is not to say – of course – that the differences between real interest rates across countries are of no concern. 16  The number for Poland, by far the largest new Member State, is 48% of the euro area average in 2006, up from 37% in 1995. 17  See Arghyrou and Gregoriou (2007).
In fact, although many had feared anticipatory effects on inflation rates already in 2001, there has been little evidence so far of the changeover affecting the average level of prices, and we do not expect any noticeable effect on the average price level in the future.