Following the 1990–91 recession, inflation fell further, and, by the mid-1990s, the conditions for price stability in the United States had been achieved (thank you, Alan Greenspan). From the mid-1990s until the Great Recession, U.S. PCE inflation averaged about 2 percent.
In the meantime, the Slovakian experience with the euro, starting next year but showing its implications already in the recent unfolding of the crisis, will provide a good natural experiment for the other New Member States, and will no doubt be closely watched. 4  BIS Review 139/2008