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Well anchored inflation expectations are helpful for monetary policy making. Our results indicate that monetary policy in the Euro Area has been effective in breaking the link between expected and actual Euro Area inflation. However, this does not imply that central bankers can lean back. It is important to look at expectations of national inflation too. These expectations might behave differently than expectations of Euro Area in-flation. First, agents in different countries may have different inflation targets in mind and these targets may deviate from the European Central Bank’s target (which refers to the Euro Area average inflation rate). Sec-ond, the extent to which they have anchored their inflation expectations to these anchors may differ too. Our findings suggest that country-specific inflation experiences still affect national inflation expectations. The EMU has not made this link disappear