Yet throughout these very different economic shocks – which could have been either inflationary or deflationary – citizens in the euro area have remained confident in our commitment. Proof of this is that medium- to long-term inflation expectations have been firmly anchored in line with the ECB’s definition of price stability.
4  BIS Review 92/2007  Nevertheless, for purposes of greater transparency, the Planning Document observes that the deficit on a current legislation basis excludes some costs that do not derive from obligations under the law but that are very likely to arise.