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His drink would have gone cold by the end of his 28-minute post-match press conference, which he delivered with a Cheshire cat grin that sometimes broke into a slight blush. There were even a few phrases in French. “I have another lesson on Monday. Hopefully, I’ll bring some more French next week,” he joked on his way out of the door, giving a shoutout to his teacher, Ella.
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After the crisis was over, the Japanese authorities announced a plan to control M2 growth, starting in July 1974. The growth rate of M2 gradually declined over the following decade, averaging just 12.8% in the critical period January 1976 to December 1978, effectively halving the growth rate of M2 experienced before the first oil crisis. Consequently, when the second oil crisis erupted, the overall CPI increased only mildly, from 4.2% per year in 1978 to a peak of 8.2% in 1980, and then to 4.9% in 1981. In other words, while relative prices increased, overall inflation remained relatively moderate. There can be few more striking demonstrations of the fact that changes in the money supply, not changes in oil prices, cause inflation.