The results from this comprehensive exercise suggest that, relative to the counterfactual scenario, our measures (excluding the March 2016 decisions) have provided significant support to output and inflation. In the absence of our policy package inflation would have been negative in 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. The impact of the policy measures on euro area GDP is also sizeable (again excluding the March 2016 decisions).