Weaker slowdown in aggregate demand This brings me to the third type of upside risks: aggregate demand may be slowing by less than currently anticipated, implying that fiscal and monetary policy are not sufficiently restrictive. Fiscal policy is expected to tighten over the projection horizon.
We will continue to carry out detailed research and analysis on the measures and their effects in the market, as well as deepening the way in which we assess the costs and benefits of our current calibration.