Based on the outlook for economic activity that I mentioned earlier, although the output gap is likely to narrow temporarily within positive territory, mainly due to the effects of the global economic slowdown and the consumption tax hike, it is expected to remain at around  8  the current level on average.
3 Monetary policy All in all, despite current inflation rates that are significantly down on their peaks in October, we still have a long way to go to reach our inflation target. Moreover, inflation uncertainty remains high. The ECB Governing Council therefore will continue in its  1/3  BIS - Central bankers' speeches  efforts to combat high inflation.