However, it is too early to interpret this fall as a sign of receding upward pressure on prices, given that HICP inflation excluding the more volatile items of energy and unprocessed food prices has remained high throughout the first half of this year, reflecting in particular trends in services prices.
Whether in the vaults of commercial banks or at the central bank, excess liquidity is idle money. It is equivalent to keeping money under the mattress and not using it to put people to work and help business  BIS Review 161/2010  5  to thrive.