The lack of a common deposit insurance scheme remains an obstacle on our pathway towards a genuine Economic and Monetary Union. Conclusion A period of heightened uncertainty is here to stay for a while, rendering decision-making more complex.
Output growth is slowing down substantially and is expected to stagnate around year-end and remain low next year at less than 1%, while risks have intensified on the downside. This is set against a deteriorating inflation outlook with record-high inflation rates expected to stay elevated, well above our target, with risks primarily on the upside.