. Evidence accumulated since 2003 suggests that nominal rigidities remain a prevalent feature of the euro area, with some … strong argument for a positive inflation buffer to “grease the wheels” of the euro area economy – also in order to avoid the … binding and particularly when productivity growth is low. Inflation differentials across euro area countries have tended to be …

From 2013 up to the launch of the ECB’s strategy review in January 2020, inflation in the euro area was low and over …-term inflation expectations, in combination with monetary policy in the euro area being constrained by the effective lower bound … decades, but were in themselves not the main drivers of low inflation in the euro area from 2013 to 2019. However, as they …