Cambridge MA 1 This number refers to the average effect per country for the whole post-accession period up to 2008. 2 This number refers to the year-over-year growth rate in the third quarter of 2016 (ECB calculations based on  Eurostat data). 3 For a review of recent literature, see Melitz and Redding (2014).
There is, however, more than the usual degree of uncertainty around the outlook for inflation and wages. It is still unclear as to whether, and at what pace, the demand for goods will normalise as infection rates decline. The speed at which the supply side of the economy can respond to changes in the demand side is also uncertain.