We have clearly exceeded these expectations. The unemployment rate is now below where the Committee thought it would be at the end of 2014 and is now within the range expected at the end of 2015. Thus, it is fair to say that we are at least a year ahead of where we thought we would be when we started to taper asset purchases.
Where do we stand five years later? The euro has been firmly and credibly established as a stable currency. The euro area has witnessed a period of low rates of inflation and low levels of long term interest rates. Most countries have had their lowest market interest rates for decades.