What is more, on the basis of the discussions so far, all-out reforms are currently underway of financial systems and their regulatory and supervisory frameworks, the evolution of which had since the 1980s been based on financial liberalization as a core value.
The lagged effects of the past appreciation of the euro exchange rate will continue to alleviate import price pressures. They should thereby also dampen the inflationary impact of the rise in commodity prices, which is largely related to strong demand at the global level.