Furthermore, we are participating in the Short-Term European Paper (STEP) initiative to promote the convergence of better market standards and practices prevailing in the European short-term securities markets, whereby Euribor ACI and Euribor FBE formally adopted the STEP Market Convention just recently at the beginning of June.
This assessment is also broadly reflected in the June 2015 Eurosystem staff macroeconomic projections for the euro area, which foresee annual HICP inflation at 0.3% in 2015, 1.5% in 2016 and 1.8% in 2017. In comparison with the March 2015 ECB staff macroeconomic projections, the inflation projections have been revised upwards for 2015 and remain unchanged for 2016 and 2017.