For example, based on the Organisation for Economic Co-operation and Development’s measures of overall consumer price inflation, prices rose at an annual average rate of about 3 percent in the United States from 1990 through 2003, compared with about 3 percent in the euro area and in the United Kingdom and roughly 1 percent in Japan.1 But, more important, the volatility of inflation was lower in the United States than in these other economies.
At national level, they must ensure that the body politic coalesces around policies aiming at restoring the credit of the state, as this is the only way to preserve our social model. And they must accept that European interest will be better promoted by strong community institutions.