The Bank introduced a price stability target of 2 percent in terms of the year-on-year inflation rate of the CPI in January 2013, as well as QQE in April 2013, to achieve the target at the earliest possible time, with a time horizon of about two years.
Inflation expectations for the euro area continue to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term. Economic growth in the euro area is expected to remain weak, with ongoing tensions in some euro area financial markets and high uncertainty still weighing on confidence and sentiment.