In that regard, I have noted a change to the way we will present our forecasts to try and encourage a shift of focus to the central tendencies for the future paths of key economic variables. We will continue to assess how our forecasts turn out and adjust our framework and methodology where and when appropriate.
Unlike the United States, the process of monetary policy normalisation in the euro area is just taking its first baby steps. The ECB Governing Council decided in December to put an end to the Eurosystem’s net asset purchases at the end of 2018. It also reaffirmed its intention to reinvest the principal payments from maturing securities until further notice.