Claeys, Grégory; Darvas, Zsolt; Merler, Silvia; Wolff, … - Bruegel - 2014
programme will ultimately be needed. In response to the global financial and economic crisis and its, the Federal Reserve, Bank … (Cyprus, Greece, Portugal, Slovakia and Spain) are already in deflation. Even in the countries that are not in a recession … the euro-area periphery (which we define as Cyprus, Greece, Ireland, Italy, Spain and Portugal) had higher inflation rates …