The price pressure in Europe is strengthening

Uncertainty about the prospects of inflation decreases

Basic inflation will grow by the end of the year and will continue to grow afterwards

The level of incentives will still be significant after the completion of net purchases of assets

We see the movement of inflation to the target level

The harmonized consumer price index of the eurozone is + 1.7% in 2018 against the previous forecast of + 1.7%

GDP:

2019 1.8% vs +1.9% prio

2020 1.7% vs +1.7% prior

2018 2.0% vs +2.1% prior

The recovery in lending growth in the private sector continues

Monetary analysis confirms the need for a significant degree of stimulus