Indeed, this withdrawal has been and remains conditional on the evolution of our analysis with respect to our objective of price stability, but it has not been predicated on any single short-term indicator of the macroeconomic state. In the last few months, the ECB has not measured the state of the economy by the strength or weakness of any particular piece of incoming news.
It has continued to extract the macroeconomic trend from the  13  Another way to state this notion is that in an economy such as the euro area, where prices and wages are as rigid as they prove to be, the “sacrifice ratio” is probably large.