While economic activity and prices are likely to remain in a state where the current extremely low levels of short- and long-term interest rates would be appropriate, at least through around spring 2020, the Bank considers that  8  there is a fair possibility that the current low interest rates will be maintained beyond this period depending on future developments.
The European economy has continued to recover moderately, mainly in the household sector. As for the outlook, it is highly likely that this moderate growth will continue under accommodative financial conditions, although uncertainty -- mainly associated with the United Kingdom's vote to leave the European Union (EU) -- is still a drag on the economy.