While these shifts were clearly amplified by technical factors—and, of course, markets are prone to overreaction—the repricing reflects a shifting economic outlook. 2/9  BIS central bankers' speeches  Market expectations about the path for inflation in some major advanced economies have been shifting upward—in the United States, for example, where inflation had persistently been running short of target.
This crisis has revealed major shortcomings, mainly in domestic economic policies, but also in the architecture of EMU – thus the European Parliament as an institution with a truly European perspective is an appropriate forum to discuss what can be learnt from this experience.