implicationsThe empirical investigation conducted in this paper, covering the period from 1999 to 2011and based on structural VECM, has shown that the Euro area inflation can be interpreted as thestochastic trend component, and hence as a long-run predictor of the national inflation rates, onlyfor a small number of Euro area countries. In other words, there is a dominant result of divergencein the evolution of Eurozone inflation differentials. Exceptions are represented by France, Italyand Belgium.