The euro as a means to guarantee price stability

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• The euro as a means to guarantee price stability

Hans-Joachim Klöckers Director Economic
Developments European Central Bank 14 March 2005
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Chart 1 Euro area HICP inflation (quarterly data)
Sources Eurostat and ECB calculations.
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Chart 2 Inflation divergence in the euro area
and the US 14 Metropolitan Statistical Areas
(MSAs)
Sources Eurostat, Bureau of Labor Statistics and
ECB calculations. Note Divergence is calculated
as unweighted standard deviation annual averages.
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Chart 3 Oil prices (Brent)
Sources IMF and Bloomberg. Note Data for March
2005 are an average of available data up 10 March
2005.
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Chart 4 Measures of long-term inflation
expectations
Sources Consensus Economics and ECB. ECB
Survey of Professional Forecasters.
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Chart 5 General government fiscal position in
the euro area
Source European Commission.
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Table 1 Historical real interest rates (deflated
by annual consumer price inflation over the
period monthly data)
Sources National Central Banks, BIS, Global
Financial Data, Reuters, Eurostat and ECB.
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Table 2 Inflation and inflation volatility in
the euro area
Sources Eurostat and ECB calculations. 1)
Standard deviation of quarterly annual inflation
rates.