This could be experienced when the US-Dollar took over the role of the leading reserve currency as successor of the Pound Sterling long after the US became the leading financial market. Since then also the D-Mark and the Yen became reserve currencies to some extent.
Overall, the headline inflation rate will remain elevated at levels above 2% on average in 2006 and is likely to remain so in 2007, as it was also reflected in the ECB staff projections of September. In the view of the Governing Council, risks to the outlook for price developments remain clearly on the upside.