It is in part necessary because some countries need to regain their price competitiveness. Another aspect of disinflation, however, can be attributed to the very different and fragmented financing conditions in the euro area. Are you more concerned about deflation than inflation? Actually, I would say neither. The risks of deflation or inflation are limited at this point in time.
But wouldn’t inflationary pressures rapidly increase in the case of a strong economic recovery? Not necessarily. In the US, for example, and certainly in the euro area the recovery after the crisis has not been accompanied by inflationary pressures; unemployment is too high for that and production capacities are underutilised.