ecb speech, 2006-12-01
Attempts to quantify the extent to which the globalisation process has helped contain inflation in the euro area over recent years are subject to substantial uncertainty, for the fundamental reason that it has been difficult to identify all the effects of globalisation on inflation dynamics and disentangle them from the influences of other factors, for example those that have contributed to wage moderation and productivity growth in recent years.
Sentiment: neutral
Topic: mp_inflation