However, counter-developments, especially in prices, have been observed recently; in addition to internal influences, such as wage developments, these have been the result of external factors – such as oil prices and the exchange rate of the euro.9 Great efforts are still needed to take the double-digit  9  See IMF(2000), “Exchange Rate Regimes in Transition Countries”, Washington.
BIS Review 101/2001  5  rates of inflation in Romania, Slovakia, Bulgaria and Poland back to an acceptable level. In 2000 only Lithuania and Malta had a rate of inflation which would have been in line with the inflation criterion.