It is important to underline that these projections on inflation and on output are based on, and are conditional on, a full implementation of the Expanded Asset Purchase Programme announced in January and on the full implementation of the credit easing measures decided in the course of 2014.
This monetary policy stance is considered essential for a continued recovery and a convergence of inflation towards our price stability objective. It has to be stressed that these projections were also based on a set of technical assumptions (e.g. in relation to international factors, including exchange rates, oil price, and commodity prices).