To ensure a sustained convergence of inflation towards the price stability objective, it expects that official interest rates will remain at present levels for an extended period of time, and well past the horizon of the net asset purchases, which will run until at least the end of this year.
But to erase the legacy of the most severe economic crisis in our nation’s history, the consequences of which can be seen in the record levels of unemployment, the public debt-to-GDP ratio and the ratio of non-performing loans to total outstanding loans, we need more than just a cyclical recovery.