So I wouldn’t be surprised if, in the end, growth this year would turn out to be somewhat higher. And there is a growing consensus that downside risks to this outlook have receded such that overall risks are now more balanced. Within the ECB’s Governing Council, the improved economic outlook has led to a consensus that price pressures are expected to increase, too.
•  Projection number 2: low fertility rates will contribute to a decline of some 20 per cent in the working-age population, defined as ages 15 to 64.