Absent that quantum of support, the progress towards a sustained adjustment that we see in our projections is likely to be slower or even stall. Therefore, we need to look through the recent surge in inflation, which is driven by transient factors that will probably fade before long.
Our conclusion that a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to build up and support headline inflation in the medium term remains valid. Of course, monetary policy cannot be the only source of support for growth: action from other 2/3  BIS central bankers' speeches  policy areas is needed to ensure a sustainable economic recovery.