The definition was useful both in times of increased inflationary pressure – not least in the first half of 2008 when oil prices were high – and in times when risks of deflationary developments were being discussed by the markets – as occurred during the peak of the financial crisis in autumn 2008.
The current financial crisis represents a break not experienced in the world economy since World War II. The challenges posed by the crisis are immense, and in many areas we are still at the beginning of implementing the unavoidable and necessary changes.