In March, when we started purchasing assets at a pace of EUR 60 billion per month, we were forecasting that inflation would be back to 1.8% by 2017. Now, largely because of the lower oil prices, but also because the global growth outlook has weakened, these projections have been revised downwards to 1.7% by 2017.
I am really privileged to have this pleasant opportunity of welcoming you all on the occasion of ASEM Conference on behalf of the Reserve Bank of India and on my own behalf. I understand that this is the first ASEM conference of European Commission in India. I thank the European Commission for this opportunity. 2.