As we have said, we will provide advance notice before making any changes to our purchases. The outlook I have described in these remarks is, of course, only one of many possible paths that the economy may take. I began by noting that the recovery to date has been surprising, and it is plausible—indeed, probable—that more surprises are in store.
Forward guidance on interest rates was first adopted in July 2013 as a means to insulate the euro area from the global financial turmoil that had followed the so-called taper tantrum episode a few weeks earlier. This proved to be an effective firewall.