凯茨觉得，通胀之从而还不会成为重要冲突，重要源于4个“C”：首先是目前通胀率（Current Inflation），而今在重要腾达国家，核心通胀率仍不才降，这说明在以后一段时日，通胀不会是大事情；第二是成本（Cost）压力，重要金融体而今...
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然而现在还不需考虑这回事，因为美国和欧洲的潜在与预期通胀率都在下滑，和危机前的日本如出一辙。
Yet it is an odd thing to worry about now. Debt may be rising, yet underlying and expected inflation rates are falling in America and Europe, just as they did in Japan after its crisis.
以去年八月为例，央行认为通胀率在前三个月会略超2%，事实上，一年前央行认为2010年早期通胀率会达到峰值1.4%。
Last August, for example, the bank thought that inflation would barely rise above 2% in the first three months of this year. Indeed, a year ago, the bank thought it would peak in early 2010 at 1.4%.
在申请加入的前一年内，潜在加入者的平均通货膨胀率与成员国三个通胀率最低的国家比，不得超过1.5%；
Over the year prior to joining, potential par-ticipants were to have an average rate of inflation that did not exceed the performance of the best three member states by more than 1.5 percent.
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