More and more countries which used to have rather closed economies have opened themselves to the world market. Thus, new players have entered on to the global stage and are becoming increasingly relevant economic powers and, as a result, competitors to established developed countries. As a consequence, the process of globalisation is leading to a shift in weights in the global economy.
This shift is nothing exceptional. In fact, it is a quite natural development, which simply reflects the continuously evolving global economic landscape. Let me now come to the subject of globalisation and inflation.