Next, I will elaborate on price developments in Japan. The year-on-year rate of change in the consumer price index (CPI) for all items less fresh food (the core CPI) has decelerated recently, mainly due to the effects of the decline in energy prices, and has been at around 0 percent.
The SSM was doomed to be successful because it had to be a key servant of financial stability as soon as it came into being. It also attracted attention because it had potential to serve as a compass for Europe. Moving together – is it working? After one year of the SSM, it is about time for a review. 2.