According to the Eurosystem’s forecasts, this year output will expand by 2.3 per cent, a similar pace to that recorded in 2017. Inflation remains low, however, reaching 1.3 per cent in January; core inflation also continues to be weak, partly because of the effects of wage moderation in many economies. Monetary policy is working.
Of course, many of you here are well aware of this, but I think you have been quite reluctant to share this knowledge with the general public in recent years. In Danmarks Nationalbank, we cannot arrive at the same results as in these calculations.