But Bernanke's comments Tuesday seem to indicate that the central bank has turned a corner and is now focusing more on curbing inflation than stimulating economic growth.

FORBES: Magazine Article

By curbing inflation, it also gives Mr Trichet an opportunity to cut interest rates, if only he would take it he and his colleagues at the ECB held rates steady at a meeting last Thursday.

ECONOMIST: Blaming everyone but themselves

The success of America and Europe in trimming budget deficits and curbing inflation also means that policymakers have room to cut interest rates or taxes to keep their economies healthy, should Japan's recession prove severe.

ECONOMIST: If Japan should crash

In 2008 domestic spending was squeezed by higher prices for oil and food (which account for a much higher share of household budgets than in other countries) and by tighter monetary policies, aimed at curbing inflation.

ECONOMIST: Emerging Asian economies

The past two decades have been formidable for her country: curbing inflation (by creating the real and pegging it to the U.S. dollar), privatization (notably, the state-owned telecommunication and mining companies) and a commodities boom (soybean and iron ore).

FORBES: Power Woman Dilma Rousseff: Brazil's Entrepreneur-In-Chief

Kansas City Federal Reserve Bank President Thomas Hoenig sounded the inflation-curbing call earlier than Trichet when he said Wednesday that the central bank should consider lifting its target interest rate from its current low point of 0-0.25% that has been in place for more than 2 years.

FORBES: Trichet Cites Inflation Fears, Adding Strength To Euro