It nearly halved during the convergence period before the inception of the euro and has continued to fall since the adoption of the euro, despite the major economic shocks hitting the euro area economy during this period. There has also been a large fall in the average volatility of long-term consensus inflation expectations.
Our plans to share drafts and listen to alternative risk mitigation suggestions are conditional on industry interacting appropriately. We do not plan to soften our risk mitigation in response to feedback from firms that they are too demanding or too difficult.