movements do not have an impact on inflation, as aggregate rules of thumb mask substantial heterogeneities across countries … deviations of inflation from target, including those relating to exchange rate fluctuations. Moreover, under the effective lower … inflation. …

Belarus, Russia and Ukraine as well as in China. For each country, it provides a forecast relating to GDP growth, inflation …

to EU accession and rising energy prices), inflation resumed its downward trend, reaching low single digits in most NMS … (except Slovakia) and in the remaining transition countries as well (except Romania, Serbia and Ukraine). Russian inflation … remaining inflation differential with respect to the eurozone, magnified by a natural appreciation tendency of NMS currencies …

(except in Hungary). Inflation slowed down to very low levels and is no longer a serious problem. Hungary and Slovakia will … Serbia, which has seen accelerating inflation, and Romania, where disinflation has been interrupted. The downside to that is …

. Macroeconomic stability will be maintained, though inflation is picking up; and is a serious problem in Serbia and Romania …. Inflation is a major concern in Turkey, as is macroeconomic stability more fundamentally. At the end of 2006 it should be …, inflation is expected to remain in double digits. The new government is likely to be less inclined to implement liberal reforms …

nowadays much sounder than in the past (Hungary being temporarily an exception). The rates of inflation are quite low and … growing external borrowing, possibly associated with the growing presence of foreign banks. Inflation apart, the country …

stability indicators – inflation, current account status and fiscal balance – reveal a more differentiated and less favourable … Slovakia does very high growth seem to be sustainable at least over the next two years. Inflation will remain relatively low …