Headline CPI inflation averaged 3.9 per cent since the institution of flexible inflation targeting right up to the onset of the pandemic in March 2020 (i.e., during October 2016 – March 2020). With the first onslaught of COVID-19, headline inflation breached the upper tolerance band and averaged 6.2 per cent in 2020-21.
Can we measure the degree of integration and the state of development of financial markets in Europe? Can we estimate quantitatively the effects of further integration and enhanced financial development on economic growth?