Appropriateness of the current very accommodative monetary policy stance In view of currently available evidence, the Governing Council in its April meeting has judged that there is not yet sufficient evidence of progress towards a durable and self-sustaining convergence in the path of euro area inflation that would warrant a scaling back of the exceptional degree of monetary policy accommodation.
For the major countries apart from Japan, deflation does not seem to be the most likely outcome, but a dip below zero for the inflation rate is, perhaps, within the distribution of possible outcomes in some cases.