The ECB published three scenarios for euro-area inf. Adverse: inf 3.3 pct in
2026, 3.0 pct in 2027 and 2.3 pct in 2028. Moderate: inf 2.9 pct in 2026, 1.8
pct in 2027 and 1.8 pct in 2028. Severe: inf 4.0 pct in 2026, 5.3 pct in 2027
and 3.0 pct in 2028.