Just think about the flow statistics from the balance of payments or the stock figures from our survey on enterprises’ international capital links.2 We have anonymously processed the individual data taken from our statistics on German enterprises’ international capital links in a database. And we make this database available for research purposes.3 Our data currently cover 14 years starting in 1989.
The latest survey released in April 2003 shows a continuation of the downward trend in CPIX inflation expectations. Most significantly, the expectations of business executives and trade union officials have fallen sharply. Unfortunately there are a number of risks to the inflation outlook. A factor constraining the continued downward movement in the inflation rate was the fact that services inflation had remained relatively sticky.