As growth accounting exercises are sensitive to the  underlying assumptions, exact numbers should be treated with caution. 4 European Commission (2018), European Economic Forecast, Spring 2018. 5 See for example Draghi, M (2017), “Accompanying the economic recovery”, Speech at the ECB Forum on Central 5/6  BIS central bankers' speeches  Banking, Sintra, 27 June.
6 See Szörfi, B. and Tóth, M. (2018): Measures of slack in the euro area, Economic Bulletin, Issue 3, ECB. 7 See Fabiani, et al. (2006), “What Firms’ Surveys Tell Us about Price-Setting Behavior in the Euro Area",  International Journal of Central Banking, 2(3): 3-47. 8 Persistent and common component of inflation. 9 Draghi, M (2017), op. cit. 10 Coenen et al.