It subsequently weakened, but that has much to do with a worsening of global conditions. At any rate, without the programme the inflation forecast for 2016 would have been about half a percentage point lower. It is clear that the challenges to price stability remain significant.
However, these estimates suggest that there is little ground for arguing that monetary policy is powerless, or that central banks are now approaching the limits of what they can deliver. I would therefore caution against listening to the siren song of those who claim the opposite. We should never forget that inflation is ultimately a monetary phenomenon. This is no mere theoretical statement.