On the basis of current futures prices for oil, inflation rates could turn out somewhat higher than expected a few months ago, but they should decline to below 2% again in the course of next year. Over the policy-relevant horizon, in an environment of modest growth in the euro area and well-anchored long-term inflation expectations, underlying price pressures should remain moderate.
It consists of the Governor, the Senior Deputy Governor, and four Deputy Governors. The Governing Council is advised by staff and by a Monetary Policy Review Committee, which looks at the evidence and the projections, and raises issues. Open discussion and debate are encouraged. Decisions benefit from the exchange of differing views among members – what James Surowiecki calls the "wisdom of crowds."