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Inflation has recently accelerated largely due to the rise in the price of oil. When assessing the medium-term trend in inflation it is important to consider core inflation, which better reflects the euro area’s internal cost pressures.

The economic policy measures planned by the new US administration are geared towards fuelling growth. This alternative scenario assesses the possible effects of potential infrastructure investments, tax cuts and the proposed border adjustment tax.

Repo rates are at an exceptionally low level, and market participants are only just growing accustomed to the post-financial crisis environment.

The flexibility of relative prices constitutes a key element of the dynamics of the economy. The same inflation rate may mask very different trends in relative prices.

Global growth will strengthen relative to 2016 and proceed at a pace of over 3% in 2017–2019. Chinese growth will decelerate in an orderly manner, moderating the pace of global growth.