That’s compounded by the fact that a number of European countries are going through a relative price adjustment which is a necessary adjustment, since it’s part of regaining competitiveness. This is temporary, and should not be confused  4  BIS central bankers’ speeches  with deflation. Mechanically, this relative price adjustment weighs down on the average eurozone inflation number.
For all these reasons, inflationary pressures will be very subdued for an extended period of time. The definition of medium term is probably more extended now than it could have been in other circumstances because of the situation the euro area economy is in.