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mpc: 11 The Committee discussed whether the greater flexibility of the US economy suggested that an increase in wages in response to the energy price rises was less likely than in the euro area. However, the relative cyclical position of the two economic areas suggested that a dislodging of inflation expectations was perhaps more likely in the United States than in the euro area. So far, the responses of activity and inflation in the United States and euro area to the doubling of oil prices had been very different from previous episodes. That might reflect the different causes of the oil price increase; the trend decline seen in the oil intensity of production; and perceptions that monetary policy frameworks were more directly focused on keeping inflation low and stable than they were in previous decades.