inflation rates mainly to make up for, and to perhaps exploit, lagging internal and external liberalization in their economies … changes in institutions, suggest that incentives may be diminishing, but not to the point where inflation levels below 5 … inflation, and enhancements to central bank independence could help shield these central banks from pressures. …

Why is inflation, 15 years after transition started, still considerably higher in Romania than in the eight EU member … decompose the inflation differential between Romania and the EU-8. The decomposition suggests that neither the revenue, nor the … balance of payments, nor the financial stability motive are driving inflation; rather structural differences are at play. The …