2  BIS Review 71/2002  Deflation Proportion of years in which CPI fell (year-average basis) 1870-1914  Inter-War  Post War  Australia  45.5  36.4  1.8  Canada  31.8  40.9  1.8  United Kingdom  38.6  36.4  0.0  United States  25.0  50.0  3.5  Austria  50.0  22.7  1.8  Belgium  43.2  31.8  7.0  Denmark  54.5  45.5  3.5  Finland  34.1  40.9  1.8  France  59.1  40.9  3.5  Germany  38.6  22.7  5.3  Italy  45.5  31.8  1.8  Japan  31.4  36.4  12.3  Netherlands  31.8  54.5  1.8  Norway  36.4  50.0  3.5  Sweden  43.2  50.0  1.8  Switzerland  31.8  50.0  8.8  Source: 1870-1980 from Angus Maddison (1991) Dynamic Forces in Capitalist Development, Oxford University Press, Oxford.Subsequently, national sources.
In so doing, the Eurosystem strives for the highest level of integrity, competence, efficiency and transparency. This anchoring of medium and long-term inflation expectations in the euro area, which reflects the credibility of the Governing Council of the ECB, is essential.