Based on the data collected, and considering renewals in those cases where they are possible, the average term of office at the Eurosystem’s NCBs is 11.8 years. 11  ANNEX 5 - Code of Conduct for high-level European Central Bank Officials (2019/C89/03) The main points covered in the Code of Conduct for high-level European Central Bank (ECB) Officials are as follows: - Standards of ethical conduct: officials shall observe the highest standards of ethical conduct and integrity. They are expected to act honestly, independently, impartially, with discretion and without regard to self-interest. They shall be mindful of the importance of their duties and responsibilities, shall take into account the public character of their functions and shall conduct themselves in a way that inspires ethical conduct within the Eurosystem, the European System of Central Banks and the Single Supervisory Mechanism, and maintains and promotes public trust in the ECB. - Principle of independence: officials shall act independently and objectively in the interest of the Union as a whole, regardless of national or personal interest, and not seek or take instructions from EU institutions, bodies, offices or agencies, from any government of a Member State or from any other body. - Professional secrecy: officials shall not disclose any information covered by the obligation of professional secrecy obtained in the exercise of their duties and responsibilities that has not been made public or is not accessible to the public except deliberately as part of the communication strategy of the ECB.

» ; J.Coffinet et J.S.Mesonnier, « Anticipations d’inflation du secteur privé et conduite de la politique monétaire »  2  S.Guilloux et E.Kharroubi, « L’impact des prix d’importations sur l’inflation domestique. Le rôle de la structure des échanges ». 2  BIS Review 32/2008  First, a natural process of real appreciation of currencies in catching-up economies is taking place, leading to upward pressures on the prices of their imports. Along with the catching-up in terms of standard of living, the level of prices in emerging countries tends to converge to the level of advanced countries through a combination of appreciating currency and higher inflation. Although somewhat hampered by exchange rate policies in the past decade, it seems to gather speed now with, as an example, the most needed faster appreciation of the Renmibi and at the same time accelerating inflation in China. This process will affect import prices of manufactured goods in developed economies. Second, the growth of emerging market economies and the rise in the living standards of their populations are also leading to a surge in the demand for natural resources, food and energy, which logically has a strong and permanent impact on inflation. Furthermore, by strengthening the magnitude of global shocks in relation to more specifically domestic shocks and favouring the international transmission of the latter, globalisation introduces a much greater synchronisation of inflationary cycles between countries, with the ensuing risks of amplification. Overall, the effects of globalisation have ceased – probably in the long term – to be spontaneously disinflationary.