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Economic Bulletin Issue 4

European Central Bank, (2017), “Economic Bulletin”, Issue 4, Ιούνιος

At its monetary policy meeting on 8 June 2017, the Governing Council concluded that a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to build up and support headline inflation in the medium term. The information that has become available since the previous monetary policy meeting in late April confirms a stronger momentum in the euro area economy, which is projected to expand at a somewhat faster pace than previously expected. The Governing Council considers that the risks to the growth outlook are now broadly balanced. Against this background, very adverse scenarios for the outlook for price stability have become increasingly unlikely to materialise, in particular as deflation risks have largely vanished. Hence, the Governing Council decided to drop the reference to lower interest rates from its forward guidance on policy rates. At the same time, the economic expansion has yet to translate into stronger inflation dynamics. So far, measures of underlying inflation continue to remain subdued and have yet to show a convincing upward trend. Therefore, the very substantial degree of monetary accommodation remains appropriate.

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