European Central Bank/ECB staff macroeconomic projections for the euro area, March 2017
The economic recovery in the euro area is projected to firm further, at a pace slightly above previous expectations. The expected global recovery and resilient domestic demand, supported by the very accommodative monetary policy stance, past progress made in deleveraging across sectors and a continued improvement in the labour market are projected to sustain the recovery over the projection horizon. The recent oil price rise is expected to lead to HICP inflation averaging 1.7% this year. However, underlying inflationary pressures are seen to be rising only gradually over the projection horizon.
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