Of course, it will take time for these latest measures to start working their way through the economy and delivering their full benefits. Nevertheless, they constitute a substantial package which gives priority to loans for households and businesses, thus further supporting economic activity in the euro area.
Compared with the ECB staff projections published in September, the range for 2010 is unchanged, while the range for 2011 is marginally higher. Available forecasts from international organisations provide a broadly similar picture. Risks to the outlook for price developments are broadly balanced. Upside risks relate, in particular, to developments in energy and non-energy commodity prices.