At the same time, the real interest rate spread between the euro area and the rest of the world will probably fall, thus putting downward pressure on the exchange rate, everything else being equal.
Notwithstanding such particular cases, there does seem to exist a certain tendency in the medium term toward the international synchronization of economic cycles, especially among high-income countries. Additionally, in recent decades inflation rates have been persistently declining in advanced as well as non-advanced economies. Consequently, a propensity towards convergence among monetary policies has become evident, particularly among developed nations.