4.1  Growth and demographics  The move to a new phase of globalisation that I described above, and the profound shifts in global production and financial intermediation that are associated with it, have shone a light on some of Europe’s deep underlying challenges.
The March 2012 ECB staff macroeconomic projections for the euro area foresee annual HICP inflation in a range between 2.1% and 2.7% in 2012 and between 0.9% and 2.3% in 2013. In comparison with the December 2011 Eurosystem staff macroeconomic projections, the ranges for HICP inflation have been shifted upwards, notably the range for 2012.