Under an inaction (“business as usual”) scenario, the Greek GDP could, ceteris paribus, fall by 2% annually by 2050 and even further by 2100, while the total cost to the Greek economy could reach a cumulative € billion by 2100.2,3 Furthermore, according to a vulnerability assessment4 that quantifies and ranks the expected climate risks for Greece, agriculture is the sector expected to be most severely hit by climate 1/5  BIS central bankers' speeches  change in Greece, while the impact on tourism and coastal systems will also considerably affect household income and the economy as a whole.
The former is necessary as it takes time for price pressures to build-up and the latter reflects the fact that the pick-up in inflation still needs to be supported by the prevailing monetary policy stance. Once the Governing Council judges that progress towards meeting the three criteria is sufficiently advanced, our net asset purchases will be brought to an end.