6 Improved financing conditions have led in turn to higher growth and inflation. Eurosystem modelling shows that, without our policy measures, inflation would actually have been negative since 2015. In 2016 it would have been at least half a percentage point lower than we forecast currently, and around half a percentage point lower in 2017.
Interest costs are forecast to be less than 5% of inflows in 2010, and the percentage declines thereafter. Amortisation costs rise to a forecast 8.5%, with the repayment of the $ million bond in June 2010, falling to less than 4% in subsequent years.