From Barclays:
The ECB forecasts euro area growth of 1.6% over 2017-18 and inflation to average 1.6% in 2018. In December 2016, the ECB could release updated forecasts for 2017-19, including average 2019 inflation at 1.8%. We find these forecasts somewhat optimistic (more on this below). We also believe these forecasts are likely to factor in considerable monetary policy accommodation, including QE monthly purchases through 2018. In other words, the inflation dynamics are not yet self-sustaining without additional QE.
