One of these broad trends is the programme of Economic and Monetary Union, which has contributed to further economic integration and convergence of the economies of the European Union over most of the past decade. As the processes of economic activity became more intertwined in the European Union, this naturally led to the development of more cross-border financial interconnections.
Price Developments  The Bank's Forecasts for the CPI (July 2022 Outlook Report) 3  y/y % chg. All items less fresh food  June 2022  All items less fresh food and energy 2  +2.2%  All items less food and energy +1.0%  1  +0.2%  0  -1 FY 2022 FY 2023 FY 2024 All items less fresh food All items less fresh food and energy  -2  -3 FY 05  06  07  08  09  10  11  12  13  14  15  +2.3  +1.4  +1.3  +1.3  +1.4  +1.5  16  17  18  19  20  21  22  Note: The projected rates of increase in the CPI for fiscal 2022-2024 are the medians of the Policy Board members' forecasts.