However, restoring financial market stability did not remove the risks to our primary mandate of price stability. As the rise in infection numbers in Europe began to accelerate again after the summer and the risks of a second wave materialised, the economic and inflation outlook in the euro area deteriorated notably.
Just when the outlook was at its darkest, news of the imminent arrival of multiple vaccines brought the long-awaited light at the end of the tunnel. The sources of uncertainty then shifted from whether the crisis can be contained to when we can expect a return to normality. The December staff macroeconomic projections suggested that this path could still be long and bumpy.