The dispersion of expectations relating to price growth also remains moderate overall: in fact, the ECB’s Surveys of Monetary Analysts indicate that a high and growing share of those interviewed expect inflation in the euro area to be in line with the 2 per cent objective in the long term.
Deviations from that level, including small ones, are only expected by a minority of respondents. 3  As I said, the possible triggering in the area of a price-wage spiral is a second risk, which is not independent of the first risk, and which must be monitored carefully.