In recent years, policy-makers in most countries seem generally, thus far, to have felt that rising oil prices will not threaten medium-term inflation performance. This was partly because there was always thought to be the possibility of some reversal in the oil price itself, but also because overall inflation rates in most countries have remained quite low so far, despite energy price rises.
This seminar should enhance the Eurosystem’s knowledge of the economies of our Mediterranean neighbours, and provide the central banks of the region with an opportunity to become more familiar with the Eurosystem. •  Second, this seminar is not a one-off event. We see the potential for regular and active dialogue in the region.