19 See Hoffmann, J. and Kurz-Kim, J.-R. (2006), “Consumer price adjustment under the microscope: Germany in a  period of low inflation,” Working Paper Series, No 652, ECB. 20 In the United States, prices are, in general, more flexible. 15% of prices in the services sector are changed each  month, compared with 22% in non-energy industrial goods. See Álvarez et al. (2006), op.
At the same time, and going forward, the emerging economies will be confronted with the challenges that have long concerned advanced economies: population ageing and, perhaps, reform fatigue.