You will no doubt know that the ECB staff project that the inflation rate will be zero this year, rising to 1.5% and 1.8% over the next two years. They also forecast that growth will climb from 1.5% this year to 1.9% in 2016 and 2.1% in 2017.
This assessment is, in part, also a reflection of expectations placed in the transmission of monetary policy decisions. But my reading of the latest data and the projection is that they are more an endorsement of a restrained monetary policy response.