Chart 8  "Outlook for Economic Activity and Prices" (January 2018) Forecasts of the Majority of Policy Board Members y/y % chg.  Fiscal 2017 Forecasts made in October 2017 Fiscal 2018 Forecasts made in October 2017 Fiscal 2019 Forecasts made in October 2017  Real GDP  CPI (all items less fresh food)  +1.8 to +2.0  +0.7 to +1.0  [+1.9]  [+0.8]  +1.7 to +2.0  +0.7 to +1.0  [+1.9]  [+0.8]  +1.3 to +1.5  +1.3 to +1.6  [+1.4]  [+1.4]  +1.2 to +1.4  +1.1 to +1.6  [+1.4]  [+1.4]  +0.7 to +0.9  +1.5 to +2.0  [+0.7]  [+1.8]  +0.7 to +0.8  +1.5 to +2.0  [+0.7]  [+1.8]  Source: Bank of Japan.
Ex ante monitoring and peer pressure are even more critical. The new excessive imbalance procedure prepared by the European Commission should be applied forcefully to identify an imbalance early on and seek a common solution with the euro area country in question.