The phenomenon had long been forgotten, as it last emerged just after the war, but it has caught the attention of many and has been actively discussed in recent years. I would therefore like to share my thoughts with you on policy actions that might be taken to stop the decline in prices, which naturally include monetary policy. I.
One of the lessons of the post-war era is that trade can be the engine in a process of economic restructuring. At the same time, the post-war experience evinced the importance of foreign demand in underpinning a supply-side response. In other words, access for the East European countries to the markets of the European Community.