This revision is due to past upward surprises in inflation and the implications of the robust labour market for the speed of disinflation. Specifically, we expect both wages and employment to continue growing strongly over the projection horizon, while output growth will be weaker this year and next.
And it is the culmination point of a process of economic adjustment and technical preparations. On behalf of the entire Governing Council of the European Central Bank, I would like to warmly congratulate all those involved in this process, and the people of Cyprus and Malta, on this accomplishment!