Moreover, the significant past strengthening of the external value of the euro should continue to have lagged effects which will limit upward pressure on prices, despite some recent declines in the level of the euro exchange rate. Over longer time horizons, inflation expectations in the euro area seem to be well anchored at levels below but close to 2%.
Drawing my remarks to a close, I should like to express my deepest gratitude to all participants for sparing valuable time to be here with us. Thank you. 2  BIS Review 71/2008