It is logically consistent, it is transparent and in the case of the Eurosystem cannot lead to any sort of dynamic inconsistency as in our framework the staff forecast are just one element, albeit an important one, of the whole information set that we consider in our deliberations.
These have caused a detour for the economy and are delaying its return home. Our forecast is based on the belief that the impact of these developments will be temporary, and that once the associated adjustments take place, stronger economic growth will resume.