ECB: Longer-term inflation expectations in the euro area remained broadly unchanged
|Key highlights from account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Tallinn on Wednesday and Thursday, 7-8 June 2017:
- Global activity and trade had maintained their momentum
- For the euro area, growth in real GDP was solid and broad-based
- Compared with the March ECB staff macroeconomic projections, the outlook for real GDP growth in the June Eurosystem staff projections had been revised upwards over the projection horizon, to 1.9% for 2017, 1.8% for 2018 and 1.7% for 2019
- Compared with the March ECB staff projections, the outlook for HICP inflation in the June Eurosystem staff projections had been revised downwards, mainly reflecting lower oil prices, to 1.5% for 2017, 1.3% for 2018 and 1.6% for 2019
- There were hardly any signs of remaining deflationary risks in the market
- The Governing Council could continue to signal its policy direction in case sustained convergence of inflation towards its aim was at risk
- Some time and patience would be needed to reach the ECB’s medium-term price stability objective in a self-sustaining and durable manner
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