For details on how the indicator is constructed see F. Natoli and L. Sigalotti, “An indicator of inflation expectations anchoring”, Banca d’Italia, Temi di Discussione (Working Papers), forthcoming. 2  BIS central bankers’ speeches  12.
Constructing counterfactuals is always difficult, but estimates by Banca d’Italia staff (which do not consider possible non-linear effects) show that in the absence of the monetary policy measures adopted between June 2014 and December 2015, both annual inflation and GDP growth in the euro area would have been lower by about half a percentage point in 2015–17.