Counterfactual analysis by ECB staff based on this approach suggests that, absent our monetary policy measures, euro area output would be 1.3 percentage points lower and the annual inflation rate would be 0.8 percentage points lower by 2022 in cumulative terms (Chart 3).
[6]  Chart 3 https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201126~c5c1036327.en.html  3/19  01/12/2020  Monetary policy in a pandemic: ensuring favourable financing conditions  Estimated impact of the ECB’s decisions since March 2020 on the central tendency of inflation and economic activity (percentage points)  Source: ECB calculations.