1  The annual growth rate of real GDP per hour worked in the euro area averaged only 1.3% over the period 1999-2006. 2  See A. Annett (2006) “Lessons from successful labour market reformers in Europe”, IMF euro area policies: selected issues, August 2006.
In comparison with the June 2015 Eurosystem staff macroeconomic projections, the outlook for HICP inflation has been revised down, largely owing to lower oil prices. Taking into account the most recent developments in oil prices and recent exchange rates, there are downside risks to the September staff inflation projections.