This year’s Economic Survey has given us an estimate, sourced in large part from the implementation of the Goods and Services Tax Network (GSTN).
Second, on credibility: Αfter so many years of QE, medium-term inflation expectations are 2% or below. At the same time, wage contracts in the euro area are consistent with our 2% inflation target, taking into account productivity growth. These imply that the credibility of monetary policy and of our 2% inflation target is very high.