This assessment is broadly reflected in the baseline scenario of the December 2020 Eurosystem staff macroeconomic projections for the euro area, which foresees annual inflation at 0.2 per cent in 2020, 1.0 per cent in 2021, 1.1 per cent in 2022 and 1.4 per cent in 2023.
Compared with the September 2020 ECB staff macroeconomic projections, the outlook for inflation has been revised down for 2020 and 2022. Turning to the monetary analysis, the annual growth of broad money (M3) remained broadly 3/4  BIS central bankers' speeches  unchanged at 10.5 per cent in October 2020.