We will need to cater for the possibility that a sustained adjustment in the path of inflation (SAPI) can only be achieved well after net asset purchases will have come to an end.
Fortunately, our  8  Moreover, data since the 1960s show that once the recovery took hold, the first policy rate increase has typically taken place after 10 quarters in Germany and 11 quarters in the US, on average. As indicated earlier, the current euro area recovery is enjoying its 19 th consecutive quarter of growth.