Consistent with this assessment, the December 2008 Eurosystem staff projections foresee annual HICP inflation of between 3.2% and 3.4% for 2008 and declining to between 1.1% and 1.7% for 2009. For 2010, HICP inflation is projected to lie between 1.5% and 2.1%.
Most importantly, I came out with an understanding that the meeting itself was just the tip of the iceberg, the culmination of thousands of hours of work and thought leading to a single policy statement, a process that  2  BIS Review 136/2010  would be repeated for each FOMC meeting.