"China exporting deflation" and "threat of deflation" were issues often addressed at international conferences. Low interest rates continued for a prolonged period in an environment of high growth and low inflation. In this continued benign environment of high growth, stable prices, and low interest rates, various excessive activities, both economic and financial, were undertaken and "excesses" accumulated.
Ivan Sramko: Euro implementation in Slovakia Speech by Mr Ivan Sramko, Governor of the National Bank of Slovakia, at the Opening of the European Central Bank Exhibition in the National Bank of Slovakia, Bratislava, 24 September 2008.