I thank L. Stracca, M. Darracq-Paries, M. Andersson, G. Fagan, O. Tristani, K. Masuch and F. Mongelli for input and comments. 2  See Mongelli and Vega (2006), “What effects is EMU having on the euro area and its member countries? An overview”, ECB Working Paper Series No 599.
BIS Review 59/2002  7  The Reserve Bank’s latest projection for CPIX-inflation also suggests that inflation will peak above the 10 per cent level during the fourth quarter of 2002. This, of course, might imply that the inflation target of 3 to 6 per cent for the calendar year 2002 might not be achieved.