Overall, our measures have been instrumental in putting the recovery on a more solid footing and thereby securing the conditions for inflation to rise towards levels closer to 2% over a not-too-distant horizon. They have underpinned the revival in the consumption of durable goods which we have observed since 2014, and are finally showing through in a more robust pick-up in non-construction investment.
Without our policy stimulus, both growth and inflation would be significantly lower. Our March package, in particular, has mitigated the downside risks to the euro area economic outlook. Additional impetus will come from the measures that are still at an early stage of implementation.