The Chancellor is delighted to announce “See and hear the scroll, heavy with destiny, – (referring to the paper money that has been created) – that’s changed to happiness our misery” He reads, “To whom it concerns, may you all know, This paper’s worth a thousand crowns or so”  2  BIS central bankers’ speeches  A little later, Mephistopheles stirs up the general elation even further by saying “Such paper’s convenient, for rather than a lot Of gold and silver, you know what you’ve got.
According to the December 2019 Eurosystem staff macroeconomic projections, a mild expansion is projected for the euro area over the period 2020–20211, while annual HICP inflation in the euro area will remain at the present low levels in 2020 and will increase only marginally in 2021.