https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190916~ca7... 16.09.2019  Reflections on monetary policy  Page 12 of 18  Monetary policy At our meeting last week, the Governing Council was hence confronted with a more extended slowdown of the euro area economy than previously anticipated, persistent and salient downside risks to the growth outlook, and a further delay in the convergence of inflation towards our medium-term inflation aim (Chart 15).
The case for a monetary policy response was clear, and a comprehensive package of measures was judged to be the most effective way to support the convergence of inflation to our aim. [6]  Chart 15 Actual and projected HICP inflation (year-on-year percentage change)  Source: ECB and Eurosystem staff macroeconomic projections.