We will keep the key ECB interest rates unchanged. We expect them to remain at their present or lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2 per cent within our projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.
Half of the adult population had purchased goods or services online, compared to 36 per cent in 2010. Innovation has had a remarkable effect on mobile devices. The smartphones in our pockets have a computing capacity far greater than that of a 1960’s supercomputer, they are a hundred thousand times lighter and ten thousand times less expensive.