Estonia recorded an inflation rate of 17.8% and Slovenia one of 9.4%. These are all-time-high inflation differentials within the euro area. Needless to say, these are figures which are uncomfortably high, for households, enterprises and, sovereigns alike.
Indeed:   Global recovery is not proceeding at a balanced pace;    Large global imbalances persist;    Widespread public debt sustainability concerns have emerged;    And links between weak balance sheets of both governments and the banking sector have led to renewed tensions in financial markets, particularly affecting the euro area.