Research by the European Central Bank, however, found that the euro area’s trade with a wide range of developing economies had reduced the rate of increase in import prices to the area about 2 percentage points annually over 1996-2005 (European Central Bank, 2006).
T T Mboweni: Risks and challenges facing the global economy Address by Mr T T Mboweni, Governor of the South African Reserve Bank, at the Mail and Guardian Business Breakfast, Johannesburg, 4 May 2007. *  *  *  Honoured guests Ladies and gentlemen  1.