Claeys, Grégory; Darvas, Zsolt; Merler, Silvia; Wolff, … - Bruegel - 2014
forecasts/expectations and actual inflation in the euro area Source: Datastream, ECB. Note: The HICP is defined as a 12-month … monetary union? 3.1. Key constraints The ECB's task is complicated by two very special circumstances. First, the euro area is a … three years, from which banks in the euro area borrowed almost â?¬1 trillion. The ECB also introduced a policy of â …