Some might even look back to the much earlier episode of the downtrend in prices for more than 20 years that the United Kingdom experienced in the second half of the 19th century. What is deflation actually like? Why is deflation a problem?
Jean-Claude Trichet: Enhancing the EU arrangements for financial stability Keynote address by Mr Jean-Claude Trichet, President of the European Central Bank, at the session "European Financial Supervision, Crisis Management on Financial Markets", European Parliament, Brussels, 23 January 2008.