Note: EA denotes the euro area (changing composition after 1999 and weighted average of the 11 countries participating to the start of Third Stage of the Economic and Monetary Union prior to that date). Figure 2  Market-based inflation expectations in the euro area (per cent)  Inflation-linked swaps, spot rates (daily data)  Inflation-linked swaps, 1-year forward rates  Source: Bloomberg.
In my view, they must be tailored to the individual circumstances of each country. What is appropriate for a small country like New Zealand may be totally inappropriate for a large country like the United States, and vice versa. To give just one example, non-bank financial institutions need not be licensed or supervised in order to take deposits in New Zealand.