- #euro #europe #bce #franc #inflation Will there be inflation? Should we do our shopping with worthless bank notes? Absolutely not. Inflation is not synonymous with devaluation. In none of the recent devaluation cases in developed countries has there been subsequent hyperinflation. The Japanese yen, for example, devalued strongly in 2012 against the euro and the US dollar, but no inflation was observed. No inflation noted either in England or Sweden