In parallel, as restrictions imposed to curb the pandemic waves were lifted, pent-up demand, especially in the services sector, strengthened and, as a result, upside pressures on prices broadened and intensified.
1/7  BIS - Central bankers' speeches  As if all of this was not enough, the euro area had been subject to imported inflation following the very expansionary fiscal policy in the U.S. in 2020 and 2021. With almost 50 per cent of global trade denominated in U.S. dollars, there were spillover effects to other countries.