Overall, the evidence suggests that the euro area is not experiencing a broad-based de-anchoring of medium-term inflation expectations. As indicated above, it is an essential task for monetary policy to ensure that this remains the case.
Chart 21: Market-based measures of inflation compensations and survey-based measures (left panel), ECB Survey of Monetary Analysts (SMA): HICP inflation projections over survey rounds (middle panel), and ECB Consumer Expectations Survey (CES): inflation expectation indicators (right panel)  Sources: Bloomberg, Refinitiv, SMA and ECB calculations (left panel). SMA (all vintages from December 2019 until September 2022) (middle panel).