The Committee is monitoring developments abroad, but we do not currently anticipate that the  33  For a discussion of the supply-side damage that has occurred since 2007 and the potential benefits of partially reversing it through more accommodative monetary policy, see Reifschneider, Wascher, and Wilcox (2015) and Van Zandweghe (forthcoming).
The situation we are facing is a test for European authorities, all of them, including but not only the ECB.