11). At the same time, the initial signs of a decline in inflation expectations are confirmed overall by the surveys among firms and households. On the other hand, longer-term expectations, net of risk premia, remain at levels consistent with our 2 per cent price stability target, and tail-risks of excessive inflation are gradually dissipating (fig.
12).17 The anchoring of inflation expectations is also supported by the results of the January ECB surveys of analysts. The credibility that the ECB has gained over time has not been lost and is currently paying off.