But the outlook is subject to considerable uncertainty from multiple sources, and dealing with these uncertainties is an important feature of policymaking. Key among current uncertainties are the forces driving inflation, which has remained low in recent years despite substantial improvement in labor market conditions. As I will discuss, this low inflation likely reflects factors whose influence should fade over time.
I will then touch on the subject chosen for our exchange of views, namely the risks and side-effects of our asset purchase programme. Finally, I will say a few words about the current situation in Greece. Economic outlook and monetary policy The latest economic indicators and survey data broadly confirm our assessment that the economic recovery is proceeding at a moderate pace.