The government paid off most of the country's external debt when oil prices were high.

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The ECB is now concerned that inflation will shift from being about the external shocks of high oil and food prices, to something that has become entrenched in the economy.

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Polly Shaw, the director of external relations for SunTech America, says that prices could get there by 2012.

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This is the value of an exchange-rate peg in an economy such as Hong Kong's: adjustment to external shocks takes place through changes to domestic prices, rather than through exchange-rate levels.

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An external shock in the shape of higher oil prices also adversely affected companies exposed to fuel costs during the early stages of 2011, as a crisis in Egypt put pressure on oil prices.

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Higher prices not only do harm to Japan's external strength.

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There are external factors that will likely impact economic growth in Mexico, namely reductions in oil prices, manufacturing exports, foreign direct investment, remittances and tourism.

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Severe external pressures, such the eurozone debt crisis, weak US growth and rising oil prices, had led to a "dramatic change" in the international situation in the past six months, he acknowledged.

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