It is here that the various sources of diversity that I have just mentioned play a role. To sum up, first there is evidence of a stronger common euro area cycle. Second, the differences observed in trend growth – which are not due to the single monetary policy or the euro – have important implications.
The forward guidance that we put in place for asset purchases was an operationalization of the new framework. Last December, with inflation running well below 2 percent and unemployment still elevated, we committed to continue purchasing assets at least at the current pace until we had made substantial further progress toward our goals. In most situations, those goals are complementary.