volume, an early exit, and a faster exit from the program on output and inflation in the euro area. Model simulations showed … that economic growth and inflation rates would decrease in all three scenarios. However, the effects of the scenario with … particular, an early exit from the program should significantly affect inflation rates, an effect that the European Central Bank …

inflation and the role of inflation expectations. In relation to the recent weakness of inflation, we discuss the role of firm … supports the view that the absorption of slack and a firm anchoring of inflation expectations remain central to successful … inflation stabilisation …

We assess the relevance of the monetary policy of the ECB in the context of persistent inflation differentials among … adopted an appropriate monetary policy rule to prevent low inflation countries from a deflationary spiral, but that it did not … consider the negative effects induced as a consequence on the countries with a higher inflation rate. This raises the question …