Note that global trade declined by 11 per cent in 2009 as a result of the crisis in contrast to a robust average growth of 8.6 per cent during the previous few years 2004/07. Such a sharp collapse in world trade had an impact on our export demand demonstrating that our trade integration was quite deep.
Moreover, as I will discuss briefly later in the talk, our ability to model risk and liquidity premiums is improving, which will help us control for an important source of volatility in breakeven inflation. Finally, the universe of inflation-linked financial assets seems to be increasing, which will allow for fruitful comparisons and cross-checking.