Notes: The chart reflects the difference between life expectancy at birth in year t and the effective retirement age in year t. The chart is a population-weighted average for Germany, France, Italy and Spain. Latest observation: 2017. Chart 10  Old-age dependency ratios: historical data and projections (ratios)  Sources: World Bank, Eurostat, OECD and ECB staff calculations. Notes: Dashed lines denote projected values.
But weak wage growth and the past appreciation of the euro mean that price pressures will likely remain subdued for some time. There is still some way to go before the fallout from the pandemic on inflation is eliminated. As the economy recovers, supported by our monetary policy measures, we expect inflation to rise over the medium term, although remaining below our target.