In comparison with the March 2013 ECB staff macroeconomic projections, the projection for inflation for 2013 has been revised downwards, mainly reflecting the fall in oil prices, while the projection for 2014 remains unchanged.
Consistent with our financial stability mandate, we recently published a climate change report outlining the actions we are taking to help climate-related risks be appropriately understood and managed. Our latest stress tests also considered the impacts of increased frequency of droughts and other weather events on banks and insurers, including impacts on profitability and capital.