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But inflation dropped like a stone.
And indeed, inflation dropped sharply during this period.
Euro-zone inflation dropped from 3% in 2011 to 0.3% by September 2014.
Year-end inflation dropped from 60% in 1995 to 10% last year.
In February inflation dropped to its slowest pace since 1999, 0.5% year on year.
Inflation dropped from 22% in the 1990s to 8% in the past decade.
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He added: "If inflation drops in the second half of this year, the UK consumer should see some modest growth.
Photograph: FABRIZIO BENSCH/REUTERS 10.22am GMT Eurozone inflation drops to 2% Eurozone inflation eased in January to 2%, paving the way for a possible rate cut from the European Central Bank.
Although Mr. Greenspan has refused to embrace any specific inflation target, Fed officials have signaled that they are uncomfortable when inflation drops below 1percentt.
By mid-2008 inflation drops to just below 2.0%.Another of the bank's forecasts suggests that this month's rate increase may have done the job.
With inflation dropping further in the euro zone to just 0.5% in March, Ms Lagarde had highlighted the emerging risk of "lowflation".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com