4/7  BIS central bankers' speeches  And with the robust economic recovery, the ECB also forecasts an ongoing decline in unemployment and a rise in wage growth. Hence, domestic price pressure in the euro area is expected to rise gradually.
The improving economic outlook moves one particular element of our forward guidance more into the focus of public attention: the officially stated precondition for ending the net asset purchases. Many people are asking: “What exactly does a ‘sustained adjustment’ in the rate of inflation mean?" There is a temptation to answer: “You’ll know it when you see it.” But monetary policy isn’t that easy.