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29) What is the purpose of the following figure? 16 14 12 10 Country's annual inflation less Germany's annual inflation (percent per year) 2 -2

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29) What is the purpose of the following figure? 16 14 12 10 Country's annual inflation less Germany's annual inflation (percent per year) 2 -2 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 Italy France ...=>. Belgium Netherlands Ireland -.*--. Denmark Answer The purpose of the figure is to show the inflation convergence within the six original EMS members. The figure shows the difference between domestic inflation and German inflation for six of the original EMS members. As of 1997 all national inflation rates were very close to the German levels. See Figure 20 in

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