In the summer of 2003, public debate and market sentiment in the euro area were influenced by Japan’s protracted deflation and the expectation of a possibly severe disinflationary process in America. Some observers saw a risk of sustained deflation in the euro area as well.
另一个过度悲观期出现在一年前。2003年夏天，欧元区的公众辩论和市场观点受到了日本长期通货紧缩和美国预期中严格制止通货膨胀措施的影响。有些观察家认为欧元区也存在出现持续紧缩的危险。