Anderton, R., F. di Mauro and F. Moneta (2004), “Understanding the impact of the external dimension of the euro area: trade, capital flows and other macroeconomic linkages,” ECB Occasional Paper No 12. Asdrubali, F., B. Sorensen and O. Yosha (1996), “Channels of Interstate Risk Sharing: United States 1963-1990”, Quarterly Journal of Economics, CXI, November: 1081-1110.
Finally, empirical studies show that there is a positive measurement bias in the measurement of price developments, which implies that a zero inflation rate would mask actually declining prices. For all these reasons the ECB has decided a quantitative objective with an inflation rate for the euro area of below but close to 2 percent.