Thereafter, our monetary policy will have to be calibrated so as to ensure that inflation continues along this path. While we are now more confident than in the past that inflation is on the right track, risks and uncertainties remain.
For this reason, even once the outlook becomes less dependent on net asset purchases, monetary policy still needs to be patient, persistent and prudent to guarantee the return of inflation to our aim. Developments in the real economy The economy has been growing consistently above current estimates of potential growth, by more than a percentage point last year.