Returning to the old trend path would require closing an output gap of almost 15% of GDP. This would still be possible within a number of years if growth rates were distinctly above the trend. Unfortunately, our most recent forecasts do not indicate that such a catching-up process is already in the making, but rather suggest a slow recovery.
BIS central bankers’ speeches  3  With the purchase programmes, we are starting a transition from a monetary policy framework predominantly founded on passive provision of central bank credit to a more active and controlled management of our balance sheet. Conclusion The Governing Council remains fully determined to counter risks to the medium-term outlook for inflation.