*  *  *  The introduction of the euro was a fundamental step in European history, a political event that certified the progress made on the road to integration, a profound economic and social change. It was only a step, however, and not the end of the road, which is still a long and difficult one.
The Fed pursued preemptive strikes against rises in inflation in 1994-95, 1999-00, and in 2004-06, as well as preemptive strikes against potentially deflationary forces in the fall  8  The FRB/US series splices data from two surveys of expected long-run inflation – the Hoey survey of financial market participants from 1981 through 1989, and the Survey of Professional Forecasters from 1990 on.