ECB: Longer-term inflation expectations in the euro area remained broadly unchanged

Key highlights from account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Tallinn on Wednesday and Thursday, 7-8 June 2017:

• Global activity and trade had maintained their momentum
• For the euro area, growth in real GDP was solid and broad-based
• Compared with the March ECB staff macroeconomic projections, the outlook for real GDP growth in the June Eurosystem staff projections had been revised upwards over the projection horizon, to 1.9% for 2017, 1.8% for 2018 and 1.7% for 2019
• Compared with the March ECB staff projections, the outlook for HICP inflation in the June Eurosystem staff projections had been revised downwards, mainly reflecting lower oil prices, to 1.5% for 2017, 1.3% for 2018 and 1.6% for 2019
• There were hardly any signs of remaining deflationary risks in the market
• The Governing Council could continue to signal its policy direction in case sustained convergence of inflation towards its aim was at risk
• Some time and patience would be needed to reach the ECB’s medium-term price stability objective in a self-sustaining and durable manner