Nevertheless, the euro area is currently experiencing a solid and broad-based economic expansion, with the economy in 2017 growing at its fastest pace for a decade. The very accommodative monetary policy measures we have taken since 2014 are judged to have had a significant impact on output growth.
Looking ahead, real GDP growth is projected to remain consistently above potential growth in the coming years. Despite these favourable developments, inflation continues to be lacklustre and to date is not receiving sufficient support from underlying inflationary pressures.